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Financial Services Act 1986 (Repealed)
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- UK Public General Acts
- 1986 c. 60
- SCHEDULE 1
- Part V
- Paragraph 37
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Point in time - Stop date 01/12/2001- Amendment
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Financial Services Act 1986 (Repealed), Paragraph 37 is up to date with all changes known to be in force on or before 13 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 06/02/1997
[F137For the purposes of this Schedule, arrangements are not a collective investment scheme if—
(a)the purpose of the arrangements is that participants should receive, by way of reward, payments or other benefits in respect of the introduction by any person of other persons who become participants;
(b)the arrangements are such that the payments or other benefits referred to in paragraph (a) above are to be wholly or mainly funded out of the contributions of other participants; and
(c)the only reason why the arrangements have either or both of the characteristics mentioned in section 75(3) of this Act is because, pending their being used to fund those payments or other benefits, contributions of participants are managed as a whole by or on behalf of the operator of the scheme.]
Textual Amendments
F1Sch. 1 para. 37 inserted (6.2.1997) by S.I. 1997/32, art. 2(2)
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