Part XVII

Collective Investment Schemes
Chapter V

Recognised Overseas Schemes

Individually recognised overseas schemes

Alteration of schemes and changes of operator, trustee or depositary
277
1
The operator of a scheme recognised by virtue of section 272 must give written notice to the Authority of any proposed alteration to the scheme.
2
Effect is not to be given to any such proposal unless—
a
the Authority, by written notice, has given its approval to the proposal; or
b
one month, beginning with the date on which notice was given under subsection (1), has expired without the Authority having given written notice to the operator that it has decided to refuse approval.
3
At least one month before any replacement of the operator, trustee or depositary of such a scheme, notice of the proposed replacement must be given to the Authority—
a
by the operator, trustee or depositary (as the case may be); or
b
by the person who is to replace him.