21.—(1) Subject to sub-paragraph (2), no body incorporated under the law of, or any part of, the United Kingdom relating to building societies or industrial and provident societies or registered under any such law relating to friendly societies, and no other body corporate other than an open-ended investment company, amounts to a collective investment scheme.
(2) Sub-paragraph (1) does not apply to any body incorporated as a limited liability partnership.]
Textual Amendments
F1Sch. para. 21 substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2001 (S.I. 2001/3650), arts. 1(a), 2(4)