These Regulations amend the Personal Equity Plan Regulations 1989 (S.I. 1989/469). The principal effects of the amendments are (1) to 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 PEPs, provided that the shares or units can be redeemed at least twice monthly and (2) to clarify the wording of the “5% test” (which a number of investments must satisfy in order to qualify for PEPs).