Paragraph 8 Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001

The Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 M1 is amended as follows.

In article 2 (interpretation)—

• “long-term holiday product contract” has the meaning given by regulation 8 of the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010;”; and

  1. (b)

     for the definition of “timeshare rights” substitute—

• “timeshare contract” has the meaning given by regulation 7 of the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010.”.

In the Schedule (arrangements not amounting to a collective investment scheme), for paragraph 13 substitute—

“Timeshare and long-term holiday product schemes

13

Arrangements do not amount to a collective investment scheme if the rights or interests of the participants are rights under a timeshare contract or a long-term holiday product contract.”.