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)”.