Financial Services and Markets Act 2000

250 Modification or waiver of rules.U.K.
This section has no associated Explanatory Notes

(1)In this section “rules” means—

(a)trust scheme rules; or

(b)scheme particulars rules.

(2)The [F1FCA] 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 [F1FCA] 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)[F2Section 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 [F3section 138A(1)] but with the following modifications—

(a)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)any reference to the [F5person] is to be read as a reference to the person mentioned in subsection (2); and

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

(5)[F7Section 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 [F8section 138A(1)] but with the following modifications—

(a)[F9subsection (4)(a) of section 138A] is to be read as if the words “by the F10. . . person” were omitted;

(b)[F11section 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 F10. . . person were references to each of the manager and the trustee of the scheme;

(c)[F12section 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 F10. . . person concerned were a reference to the scheme concerned and to its manager and trustee; and

(e)[F14section 138A(7)] is to be read as if the reference to the F10. . . person were a reference to the manager and trustee of the scheme acting jointly.

Textual Amendments

F1Word 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.

F6Words in s. 250(4)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9Words in s. 250(5)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F11Words in s. 250(5)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(d) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F12Words in s. 250(5)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(e) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F13Words in s. 250(5)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(f) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F14Words in s. 250(5)(e) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(g) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1S. 250(2) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(6); S.I. 2001/3538, art. 2(1)