Article 2 Amendment of the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001

The Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001^f1 (arrangements not amounting to a collective investment scheme) is amended as follows.

For paragraph 7^f2 (certain funds relating to leasehold property), substitute—

“Certain funds relating to leasehold property

7.

Arrangements do not amount to a collective investment scheme if the rights or interests of the participants are rights or interests—

(a)

in a fund which is a trust fund within the meaning of section 42(1) of the Landlord and Tenant Act 1987^f3 or which would be such a trust fund if the landlord were not an exempt landlord within the meaning of section 58(1) of that Act; or

(b)

in money held in a designated account by the scheme administrator under a tenancy deposit scheme within the meaning of section 212(2) of the Housing Act 2004.”.