(1) The management company or trustee (if any) under, or any person concerned with the management or supervision of -
(a) a unit trust scheme (other than a scheme to which subsection (2) applies) that is not an authorised unit trust scheme, or
(b) a scheme which is an arrangement of a kind (not being an arrangement to which subsection (2) applies) made for the purpose, or having the effect, solely or mainly, of providing facilities for the participation by the public, as beneficiaries (otherwise than under a trust or through membership of a company, a building society, a friendly society or an industrial and provident society) in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever,
shall not, without the approval of the Bank (which approval may be subject to such conditions as the Bank thinks fit to impose) sell or purchase units of the scheme or make solicitation in respect of such sale or purchase.
(2) Th