Amendment of the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 20012
1
The Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 20013 (arrangements not amounting to a collective investment scheme) is amended as follows.
2
For paragraph 74 (certain funds relating to leasehold property), substitute—
Certain funds relating to leasehold property7
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 19875 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
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.