Authorised unit trusts
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40.—(1) Parts II to IV do not apply to trustees of authorised unit trusts.
(2) “Authorised unit trust” means a unit trust scheme in the case of which an order under section 78 of the Financial Services Act 1986 (c. 60) or section 243 of the Financial Services and Markets Act 2000 (c. 8) is in force.