2 Amendment of the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001
1 The Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 (arrangements not amounting to a collective investment scheme) is amended as follows.
S.I. 2001/1062
2 For paragraph 7 (certain funds relating to leasehold property), substitute—

“7 Certain funds relating to leasehold property
Arrangements do not amount to a collective investment scheme if the rights or interests of the participants are rights or interests—
(a) in a fund which is a trust fund within the meaning of section 42(1) of the Landlord and Tenant Act 1987 or which would be such a trust fund if the landlord were not an exempt landlord within the meaning of section 58(1) of that Act; or
1987 c. 31
(b) in money held in a designated account by the scheme administrator under a tenancy deposit scheme within the meaning of section 212(2) of the Housing Act 2004.”

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Paragraph 7 was amended by S.I. 2005/57