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7. Arrangements do not amount to a collective investment scheme if the rights or interests of the participants are rights or interests—
(a)in a fund which is a trust fund within the meaning of section 42(1) of the Landlord and Tenant Act 1987 or which would be such a trust fund if the landlord were not an exempt landlord within the meaning of section 58(1) of that Act; or
(b)in money held in a designated account by the scheme administrator under a tenancy deposit scheme within the meaning of section 212(2) of the Housing Act 2004.]
Textual Amendments
F1Sch. para. 7 substituted (6.4.2007) by The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2007 (S.I. 2007/800), arts. 1, 2(2); S.I. 2007/305, art. 2; S.I. 2007/1068, art. 2(a)