http://www.legislation.gov.uk/ukpga/2000/8/section/247/2018-07-21Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-04-07Expert Participation2018-07-21 Part XVII Collective Investment SchemesChapter III Authorised Unit Trust Schemes Rules Trust scheme rules.2471The FCA may make rules (“trust scheme rules”) as to—athe constitution, management and operation of authorised unit trust schemes;bthe powers, duties, rights and liabilities of the manager and trustee of any such scheme;cthe rights and duties of the participants in any such scheme; anddthe winding up of any such scheme.2Trust scheme rules may, in particular, make provision—aas to the issue and redemption of the units under the scheme;bas to the expenses of the scheme and the means of meeting them;cfor the appointment, removal, powers and duties of an auditor for the scheme;dfor restricting or regulating the investment and borrowing powers exercisable in relation to the scheme;erequiring the keeping of records with respect to the transactions and financial position of the scheme and for the inspection of those records;frequiring the preparation of periodical reports with respect to the scheme and the provision of those reports to the participants and to the FCA; andgwith respect to the amendment of the scheme.3Trust scheme rules may make provision as to the contents of the trust deed, including provision requiring any of the matters mentioned in subsection (2) to be dealt with in the deed.4But trust scheme rules are binding on the manager, trustee and participants independently of the contents of the trust deed and, in the case of the participants, have effect as if contained in it.5If—aa modification is made of the statutory provisions in force in the United Kingdom relating to companies,bthe modification relates to the rights and duties of persons who hold the beneficial title to any shares in a company without also holding the legal title, andcit appears to the Treasury that, for the purpose of assimilating the law relating to authorised unit trust schemes to the law relating to companies as so modified, it is expedient to modify the rule-making powers conferred on the FCA by this section,the Treasury may by order make such modifications of those powers as they consider appropriate.Words in s. 247(5)(a) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 12(2)Word in ss. 242-252A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.