- Statutory Instrument
1997 No. 32
The Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1997
© Crown Copyright 1997
Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.
The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.
It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.
The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1997 , ISBN 0 11 063595 7. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.
Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
STATUTORY INSTRUMENTS
1997 No. 32
| Made | 13th January 1997 | ||
| Laid before Parliament | 14th January 1997 | ||
| Coming into force | 6th February 1997 |
The Treasury, in exercise of the powers conferred by sections 2 and 75(9) of the Financial Services Act 1986[1] and now vested in them[2], and of all other powers enabling them in that behalf, hereby make the following Order: -
Citation and commencement
1 . - (1) This Order may be cited as the Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1997.
(2) This Order shall come into force on 6th February 1997.
2 . - (1) In section 75(6)(l) of the Financial Services Act 1986[3], for "paragraphs 34 to 36" there shall be substituted "paragraphs 34 to 37".
(2) In Schedule 1 to that Act, after paragraph 36[4] there shall be inserted -
-
"
37.
For the purposes of this Schedule, arrangements are not a collective investment scheme if -
-
(a) the purpose of the arrangements is that participants should receive, by way of reward, payments or other benefits in respect of the introduction by any person of other persons who become participants;
(b) the arrangements are such that the payments or other benefits referred to in paragraph (a) above are to be wholly or mainly funded out of the contributions of other participants; and
(c) the only reason why the arrangements have either or both of the characteristics mentioned in section 75(3) of this Act is because, pending their being used to fund those payments or other benefits, contributions of participants are managed as a whole by or on behalf of the operator of the scheme."
Bowen Wells
Roger Knapman
Two of the Lords Commissioners of Her Majesty's Treasury
13th January 1997
(This note is not part of the Order)
This Order amends references to collective investment scheme in the Financial Services Act 1986 ("FSA"). Paragraph (2) of article 2 of the Order excludes from references to collective investment schemes in Schedule 1 to the FSA any arrangements that meet the conditions set out in the inserted paragraph 37 of that Schedule. Paragraph (1) of that article amends section 75 of the FSA so that such arrangements are excluded from the definition contained in that section of what constitutes a collective investment scheme.
Notes:
[1] 1986 c. 60. back
[2] See the Transfer of Functions (Financial Services) Order 1992 (S.I. 1992/1315). back
[3] Section 75(6)(l) was inserted by the Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1990 (S.I. 1990/349) and amended by the Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1996 (S.I. 1996/2996). back
[4] Paragraph 36 was inserted by the Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1996 (S.I. 1996/2996). back
ISBN 0 11 063595 7