23Client money protection schemes: requirement to belong to a scheme etc
(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).