The Child Trust Funds (Amendment No. 3) Regulations 2005
These Regulations amend the Child Trust Funds Regulations 2004 (S.I. 2004/1450). The principal effects of the amendments are to (1) provide that shares or units in non-UCITS retail schemes (a new type of collective investment scheme recognised by the Financial Services Authority) are qualifying investments for CTFs, provided that the shares or units can be redeemed at least twice monthly (2) allow CTF providers to choose which stakeholder product to use when opening Revenue allocated accounts and (3) provide for Alternative Financial Arrangements (described in the Finance Act 2005 and which include Shari'a contracts) to be qualifying investments for CTFs.