# The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, Article 269: Manner of investment

Extent: E+W+S+N.I.

(1) Schedule 1 to the Trustee Investments Act 1961 (manner of investment) is amended as follows.
(2) In Part 2, for paragraph 10A substitute—
“10A In any units of a gilt unit trust scheme.
A gilt unit trust scheme is an authorised unit trust scheme, or a recognised scheme, the objective of which is—
(a) to invest at least 90% of the property of the scheme in loan stock, bonds or other instruments creating indebtedness which—
(i) are transferable; and
(ii) are issued or guaranteed by the government of the United Kingdom or of any other country or territory, by a local authority in the United Kingdom or in a relevant state, or by an international organisation the members of which include the United Kingdom or a relevant state;
(b) to invest the remainder of the property of the scheme in shares, debentures or other instruments creating or acknowledging indebtedness, certificates representing securities or units in a collective investment scheme.
Sub-paragraphs (a) and (b) must be read with—
(i) section 22 of the Financial Services and Markets Act 2000;
(ii) any relevant order under that section; and
(iii) Schedule 2 to that Act.”.
(3) In Part 3, in paragraph 3, the words “within the meaning of the Financial Services Act 1986” are repealed.
(4) In that Part, for paragraph 6 substitute—
“6. In any units of a recognised scheme which does not fall within Part 2 of this Schedule.”.
(5) In Part 4, in paragraphs 2 and 2A, the words “within the meaning of the Financial Services Act 1986” are repealed.
(6) In that Part, after paragraph 4 insert—
“4A In this Schedule—
“authorised unit trust scheme” and “recognised scheme” have the meaning given by section 237(3) of the Financial Services and Markets Act 2000;
“collective investment scheme” has the meaning given by section 235 of that Act; and
“recognised investment exchange” has the meaning given by section 285 of that Act.”
(7) Paragraph 6A is repealed.

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Source: https://www.legislation.gov.uk/uksi/2001/3649/article/269 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-269
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.