# The Personal Equity Plan (Amendment) Regulations 1993, Regulation 3: Amendments to the principal Regulations


In regulation 2(1)(b)—
(a) in the definition of “authorised unit trust” for the words “an authorised securities scheme” there shall be substituted the words “a securities fund”;
(b) for the definition of “authorised securities scheme” there shall be substituted—
““feeder fund” means a pension scheme under the rules of which the investments subject to the trusts of the scheme must be invested in units in a single unit trust scheme or in shares in a single investment trust;”
(c) in the definition of “fund of funds” for the words “authorised securities schemes” there shall be substituted “securities funds”;
(d) after the definition of “fund of funds” there shall be inserted—
““securities fund” means a unit trust scheme the sole object of which is to enable participants to participate in or receive profits or income arising from the acquisition, holding, management or disposal of transferable securities or sums paid out of such profits or income being a scheme which is not a warrant fund, a feeder fund or a fund of funds;
“transferable securities” means any of the investments specified in paragraphs 1 to 6 of Schedule 1 to the Financial Services Act 1986 except where—
(a) the investment in question cannot be transferred or can be transferred only with the consent of a third party, disregarding any consent which may be required in the case of a security issued by a body corporate on the part of the body corporate itself, its members or the holders of any debenture issued by the body corporate, or
(b) the liability of any holder of the investment to contribute to the debts of the person who issued it is not limited to the amount for the time being unpaid in respect of it by the holder;”
(e) after the definition of “unit trust scheme” there shall be inserted—
““warrant fund” means a unit trust scheme the rules of which permit the investments subject to the trusts of the scheme to consist wholly of warrants;”.

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Source: https://www.legislation.gov.uk/uksi/1993/756/regulation/3 (the official version)
Page: https://openlegislation.uk/personal-equity-plan-amendment-regulations-1993/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.