Section 60ZZB(2)

The prohibitions in regulation 18C are not contravened by the provision of the following trust services where the condition in paragraph (3) is met— trust services provided to a community amateur sports club registered as such with His Majesty’s Revenue and Customs; trust services provided to a trust for charitable services which— in Scotland or Northern Ireland, is registered as a charity, or in England and Wales, is registered as a charity or is not required to register by virtue of section 30(2) of the Charities Act 2011 (charities required to be registered: general); trust services provided to a pension scheme that is a registered pension scheme under Chapter 2 of Part 4 of the Finance Act 2004 (registration of pension schemes); trust services for the purposes of a trust— created under, or for the purpose of, the default arrangements of a designated system or 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; created by, or for, a segregating entity for the purpose of— protecting funds or economic resources belonging to the segregating entity’s clients, or complying with a legal obligation to safeguard and segregate funds or economic resources belonging to the segregating entity’s clients or to keep separate client records and accounts; trust services provided by the operator or trustee of an authorised unit trust scheme in relation to that scheme; trust services provided in the course of, or in connection with, carrying on by way of business the activity specified in the following articles of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001— except in so far as the activity relates to an unauthorised unit trust scheme; article 40 (safeguarding and administering investments), article 51ZB (acting as trustee or depositary of a UK UCITS), or article 51ZD (acting as trustee or depositary of an AIF), trust services provided in the course of, or in connection with, the acting by way of business as an agent holding funds, economic resources or documents in escrow until the performance of a contractual condition agreed between two or more other persons, including the person for whom the funds, economic resources or documents are being held.

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Source: legislation.gov.uk · retrieved 2026-08-30