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The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989
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- UK Statutory Instruments
- 1989 No. 28
- Regulation 8
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Requirements as to land and buildings
8.—(1) The terms of a scheme must provide that the building or group of adjacent or contiguous buildings forming part of the property of the scheme must be situated in the United Kingdom or another member State or in a country or territory specified in the Schedule to these Regulations.
(2) In the case of a trust based scheme, the terms of the scheme must provide that the trustee must have a freehold or leasehold interest or interests in, or freehold and leasehold interest in, the whole, or substantially the whole, of the land and the building or group of adjacent or contiguous buildings forming part of the property subject to the scheme.
(3) In the case of a corporate based scheme, the terms of the scheme must provide that the operator must have a leasehold interest or interests in the whole, or substantially the whole, of the land and the building or group of adjacent or contiguous buildings forming part of the property subject to the scheme.
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