37.— Section 55 of the Principal Act is amended—

(a) in subsection (1A) by inserting “which is not a regulatory own funds trust RAC” after “a small trust RAC”,

(b) in subsection (2)(b) by inserting “other than a small scheme which is a regulatory own funds scheme” after “a small scheme” where it first occurs,

(c) in subsection 2(d) by inserting “other than a small trust RAC which is a regulatory own funds trust RAC” after “a small trust RAC”, and

(d) by inserting the following subsection after subsection (6):

“(7) Subsections (3), (4), (5) and (6) shall not apply to a regulatory own funds scheme.”.