The judgment has been given in Asset Land’s appeal to the Supreme Court against a ruling which supported FCA’s claim that Asset Land was operating a collective investment scheme (CIS) without authorisation. Asset Land had divided six development sites into plots which it sold to investors, representing that it would be responsible for seeking rezoning for residential development and for arranging a sale to a developer. The Supreme Court unanimously dismissed the appeal on the grounds that Asset Land’s activities amounted to operating CISs under FSMA as the investors did not have day-to-day control of the properties, and therefore the schemes were CISs. (Source: Supreme Court confirms Asset Land’s CIS)