Explanatory note

This Order corrects a paragraph inserted into the Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 (S.I. 2001/1062) by the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2008 (S.I. 2008/1641) (“the 2008 Order”). The correction enables participants in arrangements entered into on or after the coming into force of the 2008 Order to agree that the arrangements amount to a collective investment scheme. The opportunity has also been taken to remove the words “irrevocably agrees” from paragraph 9(1)(b)(ii) and 9(3) of the inserted text and replace them with words including “agrees in writing in respect of the life of the arrangements” (in the first case referring to “the remaining life”). In making a consequential amendment to sub-paragraph (7) the sub-paragraph has been substituted. The amendment makes clear that once the relevant agreement has been made its effect on the status of the arrangements as being or, as the case may be, not being a collective investment scheme cannot be altered.

A full regulatory impact assessment was prepared in respect of the 2008 Order. The impact assessment is annexed to the Explanatory Memorandum to the 2008 Order. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk) or from the Savings and Investment Team, HM Treasury, 1 Horseguards Road, LONDON SW1A 2HQ.