Part XVII

Collective Investment Schemes
CHAPTER
3A

AUTHORISED CONTRACTUAL SCHEMES

Exclusion clauses

Avoidance of exclusion clauses
261T
Any provision—
a
of the contractual scheme deed of an authorised contractual scheme, or
b
in the case of an authorised contractual scheme which is a partnership scheme, of the contract under which the depositary of the scheme is appointed,
is void in so far as it would have the effect of exempting the operator or the depositary from liability for any failure to exercise due care and diligence in the discharge of its functions in respect of the scheme.
Pt. 17 modified (20.2.2019) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(3), 62 (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 12(b))
Pt. 17 Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)