(1) The Treasury may by regulations make provision for exempting single property schemes from section 238(1).
(2) For the purposes of subsection (1) a single property scheme is a scheme which has the characteristics mentioned in subsection (3) and satisfies such other requirements as are prescribed by the regulations conferring the exemption.
(3) The characteristics are—
(a) that the property subject to the scheme (apart from cash or other assets held for management purposes) consists of—
(i) a single building (or a single building with ancillary buildings) managed by or on behalf of the operator of the scheme, or
(ii) a group of adjacent or contiguous buildings managed by him or on his behalf as a single enterprise,
with or without ancillary land and with or without furniture, fittings or other contents of the building or buildings in question; and
(b) that the units of the participants in the scheme are either dealt in on a recognised investment exchange or offered on terms such that any agreement for their acquisition is conditional on their admission to dealings on such an exchange.
(4) If regulations are made under subsection (1), the [FCA] may make rules imposing duties or liabilities on the operator and (if any) the trustee or depositary of a scheme exempted by the regulations.
(5) The rules may include, to such extent as the [FCA] thinks appropriate, provision for purposes corresponding to those for which provision can be made under section 248 in relation to authorised unit trust schemes.
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