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8.—(1) The Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 M1 is amended as follows.
(2) In article 2 (interpretation)—
(a)after the definition of “individual pension account” insert—
“long-term holiday product contract” has the meaning given by regulation 8 of the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010;”; and
for the definition of “timeshare rights” substitute—
“” has the meaning given by regulation 7 of the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010.”.
(3) In the Schedule (arrangements not amounting to a collective investment scheme), for paragraph 13 substitute—
13. Arrangements do not amount to a collective investment scheme if the rights or interests of the participants are rights under a timeshare contract or a long-term holiday product contract.”.