Schedule 3A, paragraph 10(1)

A trust— created under, or for the purpose of, the default arrangements of a designated system or of the default rules of a recognised body, or for the purpose of any action or proceedings taken by or for such a system or body under such arrangements or rules; relating to the creation of a beneficial interest in securities belonging to a person whose name and address are maintained on a register of securities (within the meaning of regulation 3(1) of the Uncertificated Securities Regulations 2001); or created by or for a segregating entity— for the purpose of protecting sums or assets belonging to the segregating entity’s clients; or for the purpose of complying with a legal obligation to safeguard and segregate sums or assets belonging to the segregating entity’s clients or to keep separate client records and accounts.

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Source: legislation.gov.uk · retrieved 2026-09-04