Venture capital share transfer exemption clarified: applies where VC-held investee later lists and shares transfer to promoter under agreement. The exemption under regulation 3(1)(ia) applies where a VCF or FVCI transfers the shares of a venture capital undertaking that was unlisted at the time of investment and subsequently became listed, to the promoter of that same venture capital undertaking pursuant to an agreement. Transfers by a VCF or FVCI of shares of any other listed company are excluded from the exemption. Transfers of shares of an unlisted venture capital undertaking to its promoters are covered by an existing exemption and were not the intended subject of regulation 3(1)(ia).