Financial Services And Markets Citation and commencement 1 1 This Order may be cited as the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2015. 2 This Order comes into force on 13th April 2015. Amendment of the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 2 1 The Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 is amended as follows. 2 In article 2 (interpretation) after the definition of “the 1988 Act”, insert— “the 2007 Act ” means the Income Tax Act 2007 ; . 3 In the Schedule (arrangements not amounting to a collective investment scheme), in paragraph 2 (enterprise initiative schemes), in sub-paragraph (2)(a)(ii) for “refusing” substitute “reducing”. 4 In the Schedule, after paragraph 2 insert— Social investment schemes 2A 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 shares or debentures; b the arrangements constitute a complying fund; c each participant is entitled to a part of the property to which the arrangements relate and— i to the extent that the property to which that participant is entitled comprises relevant shares, the participant is entitled to withdraw it at any time after the end of the period of seven years beginning with the date on which the shares in question were issued; ii to the extent that the property to which that participant is entitled comprises relevant debentures, the participant is entitled to withdraw it at any time after the end of the period of seven years beginning with the date on which— aa the debentures in question were issued; or bb in a case where there is no such issuing, when the debentures, so far as relating to the debt owed to that participant, take effect between the debtor and the participant; iii to the extent that the property to which that participant is entitled comprises shares other than relevant shares, the participant is entitled to withdraw it at any time after the end of the period of six months beginning with the date on which the shares in question ceased to be relevant shares; iv to the extent that the property to which that participant is entitled comprises debentures other than relevant debentures, the participant is entitled to withdraw it at any time after the end of the period of six months beginning with the date on which the debentures in question ceased to be relevant debentures; and v to the extent that the property comprises cash which the operator has agreed (conditionally or unconditionally) to invest in shares or debentures, the participant is entitled to withdraw it at any time; and d the arrangements would meet the conditions described in paragraph 1(c) were it not for the fact that the operator is entitled to exercise all or any of the rights conferred by shares or debentures included in the property to which the arrangements relate. 2 In sub-paragraph (1)— “complying fund” means arrangements which provide that— the operator will, so far as is practicable, make investments each of which, subject to each participant’s individual circumstances, qualifies for relief by virtue of Part 5B of the 2007 Act ; and the minimum contribution to the arrangements which each participant must make is not less than £2,000; “debentures” has the same meaning as in section 257L(4) of the 2007 Act (definition of qualifying debt investments) , and debentures are to be regarded as relevant debentures if and so long as they are debentures in respect of which— no claim for relief made in accordance with Chapter 6 of Part 5B of the 2007 Act has been disallowed; and no assessment has been made pursuant to section 257S of the 2007 Act withdrawing or reducing relief on the ground that the requirements of Chapter 4 of Part 5B of the 2007 are not met; and “shares” means investments of the kind specified by article 76 of the Regulated Activities Order (shares etc. ) , and shares are to be regarded as relevant shares if and so long as they are shares in respect of which— no claim for relief made in accordance with Chapter 6 of Part 5B of the 2007 Act has been disallowed; and no assessment has been made pursuant to section 257S of the 2007 Act withdrawing or reducing relief on the ground that the requirements of Chapter 4 of Part 5B of the 2007 are not met. . Mark Lancaster Gavin Barwell Two of the Lords Commissioners of Her Majesty’s Treasury 17th March 2015