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Regulation 2(1)(b)
An authorised securities scheme.
A feeder fund, but only if the authorised unit trust scheme which is the object of its investment is an authorised securities scheme, a money market fund, or a fund of funds of a kind mentioned in this part of the Schedule.
A fund of funds, but only if the authorised unit trust schemes which are the object of its investment are authorised securities schemes or money market funds.
A money market fund.
In this schedule—
“authorised securities scheme” means an authorised unit trust scheme the sole object of which is investment in transferable securities and which is not a feeder fund or a fund of funds;
“authorised unit trust scheme” has the same meaning as in the Financial Services Act 1986(1);
“feeder fund” means an authorised unit trust scheme the sole object of which is investment in units of a single authorised unit trust scheme;
“fund of funds” means an authorised unit trust scheme the sole object of which is investment in units of other authorised unit trust schemes;
“money market fund” means an authorised unit trust scheme the sole object of which is investment in transferable securities, deposits and instruments creating or evidencing indebtedness which are not transferable securities; and
“transferable security” means any investment falling within paragraphs 1 to 6 of Schedule 1 to the Financial Services Act 1986 other than an investment title to which either cannot be transferred or can be transferred only with the consent of a third party.
Regulation 19(2)(a)
1. The right of the member to cancel his membership of the scheme.
2. The provisions of section 15(1) of the Act, the scheme rules and of these regulations which govern the exercise of the right referred to in paragraph 1 of this Schedule.
3. The name and address of the person on whom the member’s counter-notice, mentioned in regulation 19 of these regulations, should be served.
4. The type of account, or accounts, in which contributions to the scheme are invested.
5. The rate of interest, at the time when the notice is served, which is accruing to contributions of members of the scheme which are then invested.
6. The part—
(a)of any payment or payments that are made to the scheme by or on behalf of a member;
(b)of any income arising from the investment of payments such as are mentioned in sub-paragraph (a) of this paragraph; or
(c)of the value of rights under the scheme,
that may be used (otherwise than as an unidentifiable element in the calculation of interest on invested contributions)—
(i)to defray the administrative expenses of the scheme;
(ii)to pay commission; or
(iii)in any other way which does not result in the provision of benefits for or in respect of members.
7. How tax relief on members' contributions is effected.
8. How the cessation of the making of contributions to the scheme by a member of it, not less than 21 days after he becomes a member of it, but before the end of the period for which he could continue making such contributions, would affect the member’s rights under the scheme.
9. The address to which enquiries about the scheme generally or about an individual’s entitlement to benefit should be sent.
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