SCHEDULEARRANGEMENTS NOT AMOUNTING TO A COLLECTIVE INVESTMENT SCHEME
Common accounts I16
Arrangements do not amount to a collective investment scheme if—
a
they are arrangements under which the rights or interests of participants are rights to or interests in money held in a common account; and
b
that money is held in the account on the understanding that an amount representing the contribution of each participant is to be applied—
i
in making payments to him;
ii
in satisfaction of sums owed by him; or
iii
in the acquisition of property for him or the provision of services to him.