SCHEDULE 2Amendments of subordinate legislation

The Open-Ended Investment Companies Regulations 200141

1

The Open-Ended Investment Companies Regulations 200178 are amended as follows.

2

For each reference to “FSA rules”, including in the headings to regulations 6 and 7, substitute “FCA rules”.

3

In regulation 2 (interpretation), after the definition of “authorisation order” insert—

  • “the Authority” means the FCA;

4

In regulation 7 (modification or waiver of FSA rules)—

a

in paragraph (3)—

i

for “sections 148(3) to (9) and (11) of the Act” substitute “sections 138A(3) to (7) and 138B of the Act”;

ii

for “section 148(2)” substitute “section 138A(1)”;

iii

for “subsection (7)(b)” substitute “section 138B(3)(c)”;

b

in paragraph (4)—

i

for “sections 148(3) to (9) and (11) of the Act” substitute “sections 138A(3) to (7) and 138B of the Act”;

ii

for “section 148(2)” substitute “section 138A(1)”;

iii

for “subsection (4)(a)” substitute “section 138A(4)(a)”;

iv

for “subsections (7)(b), (8) and (11)” substitute “section 138B(3)(c) and (5)”;

v

for “subsection (7)(b)” substitute “section 138B(3)(c)”;

vi

for “subsection (9)” substitute “section 138A(7)”.

5

In regulation 10 (the Authority’s procedures), for “(the Authority’s procedures)” substitute “(the FCA’s and the PRA’s procedures)”.

6

In regulation 25(6) (directions) for “section 150” substitute “section 138D”.

7

In regulation 27(15) (procedure on giving directions under regulation 25 and varying them on Authority’s own initiative) for “(the Authority’s procedures)” substitute “(the FCA’s and PRA’s procedures)”.

8

In regulation 42(6) (restraint and ratification by shareholders), for “section 150” substitute “section 138D”.

9

In regulation 80 (contraventions), for “section 138 of the Act (general rule-making power)” substitute “section 137A of the Act (FCA’s general rules)”.