(1)The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2019 are amended as follows.
(2)In regulation 2 (interpretation)—
(a)in the definition of “client money”—
(i)in paragraph (a), for “agency”, in the second place it occurs, substitute “ management ”, and
(ii)at the end of paragraph (b), for “; and” substitute “ , but does not include money held in accordance with an authorised tenancy deposit scheme within the meaning of Chapter 4 of Part 6 of the Housing Act 2004 (see section 212 of that Act); ”, and
(b)at the end of the definition of “regulated property agent” insert “;
“scheme administrator” has the same meaning as in the scheme approval regulations (see regulation 2 of those regulations); and
“scheme approval regulations” means the Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018.”
(3)In regulation 3 (requirement to belong to a client money protection scheme), omit paragraph (2).
(4)In regulation 4 (transparency requirements)—
(a)before paragraph (1) insert—
“(A1)Paragraph (1) applies if the scheme administrator of an approved or designated client money protection scheme provides a certificate under regulation 8(1) of the scheme approval regulations to a regulated property agent.”, and
(b)in paragraph (1)—
(i)in the words before sub-paragraph (a), for “A” substitute “ The ”, and
(ii)omit sub-paragraph (a).
(5)The amendments made by this section are without prejudice to any power to make an order or regulations amending or revoking the regulations mentioned in subsection (1).
Commencement Information
I1S. 23 in force at 1.4.2019 by S.I. 2019/428, reg. 2(b)