Part XVII Collective Investment Schemes

Chapter III Authorised Unit Trust Schemes

Rules

250 Modification or waiver of rules.

1

In this section “rules” means—

a

trust scheme rules; or

b

scheme particulars rules.

C12

The F9FCA may, on the application or with the consent of any person to whom any rules apply, direct that all or any of the rules—

a

are not to apply to him as respects a particular scheme; or

b

are to apply to him, as respects a particular scheme, with such modifications as may be specified in the direction.

3

The F9FCA may, on the application or with the consent of the manager and trustee of a particular scheme acting jointly, direct that all or any of the rules—

a

are not to apply to the scheme; or

b

are to apply to the scheme with such modifications as may be specified in the direction.

4

F4Section 138A and subsections (1) to (3), (5) and (6) of section 138B have effect in relation to a direction under subsection (2) as they have effect in relation to a direction under F8section 138A(1) but with the following modifications—

a

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

any reference to the F2person is to be read as a reference to the person mentioned in subsection (2); and

c

F11section 138B(3)(c) is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted.

5

F12Section 138A and subsections (1) to (3), (5) and (6) of section 138B have effect in relation to a direction under subsection (3) as they have effect in relation to a direction under F7section 138A(1) but with the following modifications—

a

F10subsection (4)(a) of section 138A is to be read as if the words “by the F3. . . person” were omitted;

b

F14section 138B(3)(c) and the definition of “immediate group” in section 421ZA as it applies to that section are to be read as if references to the F3. . . person were references to each of the manager and the trustee of the scheme;

c

F6section 138B(3)(c) is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted;

d

F13section 138B(5) is to be read as if the reference to the F3. . . person concerned were a reference to the scheme concerned and to its manager and trustee; and

e

F5section 138A(7) is to be read as if the reference to the F3. . . person were a reference to the manager and trustee of the scheme acting jointly.