SCHEDULEARRANGEMENTS NOT AMOUNTING TO A COLLECTIVE INVESTMENT SCHEME
Schemes entered into for commercial purposes related to existing business I19
1
Subject to sub-paragraph (2), arrangements do not amount to a collective investment scheme if each of the participants—
F1a
carries on a business other than the business of engaging in any regulated activity of the kind specified by any of articles 14, 21, 25F2, 25D,, 37, 40, 45, 51 to 53 or, so far as relevant to any of those articles, article 64 of the Regulated Activities Order;
b
enters into the arrangements for commercial purposes related to that business.
2
Sub-paragraph (1) does not apply where the person will carry on the business in question by virtue of being a participant in the arrangements.