The Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2019 are amended as follows.
In regulation 2 (interpretation)—
in the definition of "client money"—
in paragraph (a), for "agency", in the second place it occurs, substitute , and" management "
at the end of paragraph (b), for "; and" substitute , and" , 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); "
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.
In regulation 3 (requirement to belong to a client money protection scheme), omit paragraph (2).
In regulation 4 (transparency requirements)—
before paragraph (1) insert—A1Paragraph (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
in paragraph (1)—
in the words before sub-paragraph (a), for "A" substitute , and" The "
omit sub-paragraph (a).
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).