http://www.legislation.gov.uk/ukdsi/1999/0110851056/contents

The Financial Services Act 1986 (Restriction of Exemption) Order 1999

Charities

Trustees

King's Printer of Acts of Parliament

2010-11-19

FINANCIAL SERVICES

1999-12-01

The Order restricts the exemption for which section 45(1)(j) of the Financial Services Act 1986 makes provision for the managers of common investment funds established under section 22 of the Charities Act 1960 or section 24 of the Charities Act 1993. Subject to the transitional provision for which article 3 of the Order makes provision, its effect is that the exemption will only apply to the manager of a fund the trusts of which prevent property being transferred to the fund except by or on behalf of a charity the charity trustees of which are also the trustees appointed to manage the fund. This type of fund is commonly known as a pooling scheme fund.