6. Arrangements do not amount to a collective investment scheme if—
(a)they are arrangements under which the rights or interests of participants are rights to or interests in money held in a common account; and
(b)that money is held in the account on the understanding that an amount representing the contribution of each participant is to be applied—
(i)in making payments to him;
(ii)in satisfaction of sums owed by him; or
(iii)in the acquisition of property for him or the provision of services to him.
Commencement Information
I1Sch. para. 6 in force 1.12.2001 see reg. 1 and S.I. 2001/3538, art. 2