Schedule - Arrangements not amounting to amounting to a collective investment scheme
Individual investment management arrangements
1. Arrangements do not amount to a collective investment scheme if -
(a) the property to which the arrangements relate (other than cash awaiting investment) consists of investments of one or more of the following kinds:
(i) an investment of the kind specified by any of articles 76 to 80 of the Regulated Activities Order;
(ii) an investment of the kind specified by article 81 of that Order (units in a collective investment scheme) so far as relating to authorised unit trust schemes, authorised contractual schemes, recognised schemes or shares in an open-ended investment company; or
(iii) a contract of long term insurance;
(b) each participant is entitled to a part of that property and to withdraw that part at any time; and