Other schemes relating to use or enjoyment of property U.K.
14. Arrangements do not amount to a collective investment scheme if—
(a)the predominant purpose of the arrangements is to enable the participants to share in the use or enjoyment of property or to make its use or enjoyment available gratuitously to others; and
(b)the property to which the arrangements relate does not consist of the currency of any country or territory and does not consist of or include any investment of the kind specified by Part III of the Regulated Activities Order or which would be of such a kind apart from any exclusion made by that Part of the Order.
Commencement Information
I1Sch. para. 14 in force 1.12.2001 see reg. 1 and S.I. 2001/3538, art. 2