Article 2 Amendment of the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2008

in sub-paragraph (1)(b)(ii), for “irrevocably agrees in writing”, substitute “agrees in writing in respect of the remaining life of the arrangements”;

in sub-paragraph (3), for the words from “each person” to the end, substitute “at any time each person which is at that time a permitted participant agrees in writing in respect of the life of the arrangements that the arrangements amount to a collective investment scheme”;

in sub-paragraph (5), in paragraph (b) of the definition of “permitted participant”, after “unincorporated association” insert “,”;

for sub-paragraph (7) substitute—

“(7)

An agreement made in respect of any arrangements in accordance with the provisions of sub-paragraph (1)(b)(ii) or sub-paragraph (3) is not affected by—

(a)

the entry into such arrangements by any person as a further participant;

(b)

the exit from such arrangements of any participant;

(c)

any later agreement in writing or otherwise under which, contrary to the earlier agreement, such arrangements do or, as the case may be, do not amount to a collective investment scheme.”