{
  "url": "https://openlegislation.uk/financial-services-act-1986-repealed/schedule-1/paragraph-36",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-repealed/schedule-1/paragraph-36.json",
  "legislation": "ukpga/1986/60",
  "legislation_title": "Financial Services Act 1986 (repealed)",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-repealed",
  "path": "schedule/1/paragraph/36",
  "kind": "paragraph",
  "number": "36",
  "heading": null,
  "text": "(1) For the purposes of this Schedule, arrangements are not a collective investment scheme if they are operated by a body corporate, a body corporate connected with it or a relevant trustee, for the purpose of enabling or facilitating transactions in shares in or debentures of the first-mentioned body between or for the benefit of any of the persons mentioned in sub-paragraph (2) below or the holding of such shares or debentures by or for the benefit of any such persons.\n(2) The persons referred to in sub-paragraph (1) above are—\n(a) the bona fide employees or former employees of the body corporate or of another body corporate in the same group; or\n(b) the wives, husbands, widows, widowers, or children or step-children under the age of eighteen of such employees or former employees.\n(3) In this paragraph, “a relevant trustee\" means a person holding shares in or debentures of a body corporate as trustee in pursuance of arrangements mentioned in sub-paragraph (1) above which were made by, or by a body corporate connected with, that body corporate.\n(4) In this paragraph “shares\" and “debentures\" include any investment falling within paragraph 1 or 2 above and also include any investment falling within paragraph 4 or 5 above so far as relating to those paragraphs or any investment falling within paragraph 11 above so far as relating to paragraphs 1, 2, 4 or 5.\n(5) For the purposes of this paragraph a body corporate is connected with another body corporate if—\n(a) they are in the same group; or\n(b) one is entitled, either alone or with any other body corporate in the same group, to exercise or control the exercise of a majority of the voting rights attributable to the share capital which are exercisable in all circumstances at any general meeting of the other body corporate or its holding company..",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 1 para. 36 inserted (1.1.1997) by S.I. 1996/2996, art. 3(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/60/schedule/1/paragraph/36",
    "retrieved_at": "2026-10-29T09:53:57.234744+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}