“…It is also worth mentioning in this context a passage from Financial Conduct Authority v Asset LI Inc [2016] UKSC 17, [2016] Bus LR 524. At paragraph 91, Lord Sumption said that the word “arrangements” as used in the definition of “collective investment scheme” given in section 235 of FSMA is “…”
“…is not material to whether Midas’ “scheme” was a collective investment scheme, the Supreme Court having held in Asset Land Investment plc v FCA [2016] UKSC 17, [2016] Bus LR 524 that the focus is on the common understanding of the parties when investment is made, not on what subsequently occurs. The issue is whether Midas was advising …”