Regulation 11 Exceptions from regulations 9 and 10

up to 10% in value of the property of an authorised securities scheme may consist of transferable securities which are not approved securities; and

the property of an authorised securities scheme may include cash and items of near cash which are not transferable securities provided that the holding of such cash or near cash may reasonably be regarded as necessary in order to enable units to be redeemed or for the efficient management of the scheme in accordance with its object or for other purposes which may reasonably be regarded as ancillary to the object of the scheme.