Part XVII

Collective Investment Schemes
Chapter V

Recognised Overseas Schemes

Schemes authorised in approved countries

Recognition of parts of schemes under section 271A
271S
1
Section 271A(1) applies in relation to a part of a collective investment scheme as it applies in relation to such a scheme.
2
Accordingly, the following include a part of a scheme recognised under section 271A—
a
the reference to a scheme recognised under section 271A in the definition of “section 271A scheme” in section 237(3), and
b
other references to such a scheme (however expressed) in or in provision made under this Part of this Act (unless the contrary intention appears).
3
Provisions of or made under this Part of this Act have effect in relation to parts of schemes recognised, or seeking recognition, under section 271A with appropriate modifications.
4
The Treasury may by regulations—
a
make provision about what are, or are not, appropriate modifications for the purposes of subsection (3);
b
make provision so that a relevant enactment has effect in relation to parts of schemes recognised, or seeking recognition, under section 271A with such modifications as the Treasury consider appropriate;
c
make provision so that a relevant enactment does not have effect in relation to such parts of schemes.
5
Regulations under subsection (4)(b) or (c) may amend, repeal or revoke an enactment.
6
In this section—
- “
enactment
” has the same meaning as in section 271E;
- “
relevant enactment
” means an enactment passed or made before the day on which subsection (1) comes into force that makes provision in relation to collective investment schemes recognised, or seeking recognition, under section 271A.
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))
Ss. 271A-271S and cross-heading inserted (23.2.2022) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 1; S.I. 2022/163, reg. 2(a)