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The Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001

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This is the original version (as it was originally made).

Individual investment management arrangements

1.  Arrangements do not amount to a collective investment scheme if—

(a)the property to which the arrangements relate (other than cash awaiting investment) consists of investments of one or more of the following kinds:

(i)an investment of the kind specified by any of articles 76 to 80 of the Regulated Activities Order;

(ii)an investment of the kind specified by article 81 of that Order (units in a collective investment scheme) so far as relating to authorised unit trust schemes, recognised schemes or shares in an open-ended investment company; or

(iii)a contract of long term insurance;

(b)each participant is entitled to a part of that property and to withdraw that part at any time; and

(c)the arrangements do not have the characteristics mentioned in section 235(3)(a) of the Act and have those mentioned in section 235(3)(b) only because the parts of the property to which different participants are entitled are not bought and sold separately except where a person becomes or ceases to be a participant.

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