UK Statutory Instrument SI 1989/28 United Kingdom

The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Trustee5 Operator5 Director or Officer1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Trustee — also bound by 104 other Acts
Charities Act 2011 27 duties
Operator — also bound by 746 other Acts
Director or Officer — also bound by 429 other Acts
Companies Act 2006 126 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.006 Requirements as to form of scheme Regulated
  • Set up single property scheme as trust-based or corporate-based with required termsOperator
s.007 Ability to call on participants for contributions Regulated
  • Do not include provisions enabling contributions from participants in scheme termsTrustee
s.008 Requirements as to land and buildings Regulated
  • Include required property terms in single property scheme documentsTrustee
s.013 Trust based schemes: retirement or replacement of trustee or operator Regulated
  • Follow retirement and replacement rules for trustee and operator in trust-based schemesTrustee
s.014 Pre-emption rights: trust based schemes Regulated
  • Include pre-emption rights for participants when issuing new units for cash in trust-based schemesOperator
s.017 Valuation and report Regulated
  • Include valuation and report requirements in trust based scheme termsTrustee
s.022 Matters requiring approval by meeting of participants Regulated
  • Get participant approval for major scheme changesOperator
s.024 Convening of meetings Regulated
  • Convene participant meetings on request with proper noticeTrustee
s.031 Audit Regulated
  • Appoint a qualified auditor for your single property schemeDirector or Officer
s.032 Reports and accounts Regulated
  • Prepare annual reports and accounts for scheme participantsOperator
s.033 Register of participants Regulated
  • Maintain a register of participants in your single property schemeOperator
28 other provisions — procedural and definitional
s.001 Citation and commencement
s.002 Interpretation
s.003 Exemption from section 76(1) of Act
s.004 Requirements as to interests to be held when scheme formally constituted
s.005 Ability to alter terms of scheme
s.009 Requirements as to distribution of income
s.010 Corporate based schemes: requirements as to winding-up
s.011 Trust based schemes: requirements as to termination
s.012 Requirements concerning disposal of property
s.015 Pre-emption rights: corporate based schemes
s.016 Trust based schemes: valuation of non-cash consideration
s.018 Application of regulations 16 and 17 to corporate based schemes
s.019 Requirements as to borrowing: corporate based schemes
s.020 Requirements as to borrowing: trust based schemes
s.021 Qualification of regulations 19 and 20
s.023 Application of regulations 24 to 36 in case of corporate based schemes
s.025 Quorum
s.026 Chairman
s.027 Adjournment
s.028 Votes at meetings
s.029 Proxies
s.030 Minutes
s.034 Transfer of units by act of parties
s.035 Change of name or address of participant
s.036 Inspection of register and copies of entries
s.037 List of participants
s.038 Trust based schemes: position of trustees and operators
s.039 Trust based schemes: position of participants

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.