3. Arrangements do not amount to a collective investment scheme if the whole amount of each participant’s contribution is a deposit which is accepted by an authorised person with permission to carry on an activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits) or a person who is an exempt person in relation to such an activity.
Commencement Information
I1Sch. para. 3 in force 1.12.2001 see reg. 1 and S.I. 2001/3538, art. 2