2.—(1) The Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001(1) (arrangements not amounting to a collective investment scheme) is amended as follows.
(2) For paragraph 7(2) (certain funds relating to leasehold property), substitute—
7. 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(3) 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.”.