Requirements as to form of scheme
- Set up single property scheme as trust-based or corporate-based with required terms
UK Statutory Instrument
1989
United Kingdom
The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989
At a glance
What's here
11 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Ability to call on participants for contributions
- Do not include provisions enabling contributions from participants in scheme terms
Requirements as to land and buildings
- Include required property terms in single property scheme documents
Trust based schemes: retirement or replacement of trustee or operator
- Follow retirement and replacement rules for trustee and operator in trust-based schemes
Pre-emption rights: trust based schemes
- Include pre-emption rights for participants when issuing new units for cash in trust-based schemes
Valuation and report
- Include valuation and report requirements in trust based scheme terms
Matters requiring approval by meeting of participants
- Get participant approval for major scheme changes
Convening of meetings
- Convene participant meetings on request with proper notice
Audit
- Appoint a qualified auditor for your single property scheme
Reports and accounts
- Prepare annual reports and accounts for scheme participants
Register of participants
- Maintain a register of participants in your single property scheme
Browse 28 other sections — procedural / definitional / commencement
Citation and commencement
Interpretation
Exemption from section 76(1) of Act
Requirements as to interests to be held when scheme formally constituted
Ability to alter terms of scheme
Requirements as to distribution of income
Corporate based schemes: requirements as to winding-up
Trust based schemes: requirements as to termination
Requirements concerning disposal of property
Pre-emption rights: corporate based schemes
Trust based schemes: valuation of non-cash consideration
Application of regulations 16 and 17 to corporate based schemes
Requirements as to borrowing: corporate based schemes
Requirements as to borrowing: trust based schemes
Qualification of regulations 19 and 20
Application of regulations 24 to 36 in case of corporate based schemes
Quorum
Chairman
Adjournment
Votes at meetings
Proxies
Minutes
Transfer of units by act of parties
Change of name or address of participant
Inspection of register and copies of entries
List of participants
Trust based schemes: position of trustees and operators
Trust based schemes: position of participants
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