{
  "url": "https://openlegislation.uk/financial-services-act-1986-single-property-schemes-exemption-regulations-1989/note",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-single-property-schemes-exemption-regulations-1989/note.json",
  "legislation": "uksi/1989/28",
  "legislation_title": "The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-single-property-schemes-exemption-regulations-1989",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese regulations make provision for exempting single property schemes (that is to say, schemes which have the characteristics described in section 76(6) of the Financial Services Act 1986 (“the Act”) and which satisfy the requirements specified in the regulations) from the restrictions on promotion of collective investment schemes imposed by section 76(1) of the Act.\nA scheme which is not yet formally constituted will be exempt from those restrictions if–\n(a) the operator of the scheme is an authorised person who is not subject to a restriction imposed under section 65 of the Act for reasons related to a collective investment scheme of which he is or was the operator and who has given written notice to the Securities and Investments Board to the effect described in regulation 3(1)(a); and\n(b) the Securities and Investments Board has not received a notice from the operator to the effect described in regulation 3(1)(b).\nA scheme which is formally constituted will be exempt from the restrictions imposed by section 76(1) of the Act for the period of 21 days beginning with the date on which it was formally constituted if, immediately before that date, it was exempted from those restrictions. A scheme which is formally constituted will also be exempt from the relevant restrictions if–\n(a) the operator is an authorised person who is not subject to a prohibition of the kind described above and who has given notice to the Securities and Investments Board to the effect described in regulation 3(2)(a); and\n(b) the Securities and Investments Board has not received notice from a solicitor to the effect described in regulation 3(2)(b).\nRegulations 4 to 39 of the regulations specify certain requirements relating to the scheme as to the satisfaction of which the operator must express an opinion in a notice served under regulation 3(1) or 3(2). Amongst these requirements are requirements as to the nature of the property held by the scheme, the form of the scheme, the borrowing powers exercisable in relation to it and the rights of participants.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1989/28/note",
    "retrieved_at": "2026-10-29T15:51:28.444916+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."
}