- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (22/07/2020)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 22/07/2020.
Financial Services and Markets Act 2000, Section 250 is up to date with all changes known to be in force on or before 16 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)In this section “rules” means—
(a)trust scheme rules; or
(b)scheme particulars rules.
(2)The [F1FCA] may, on the application or with the consent of any person to whom any rules apply, direct that all or any of the rules—
(a)are not to apply to him as respects a particular scheme; or
(b)are to apply to him, as respects a particular scheme, with such modifications as may be specified in the direction.
(3)The [F1FCA] may, on the application or with the consent of the manager and trustee of a particular scheme acting jointly, direct that all or any of the rules—
(a)are not to apply to the scheme; or
(b)are to apply to the scheme with such modifications as may be specified in the direction.
(4)[F2Section 138A and subsections (1) to (3), (5) and (6) of section 138B] have effect in relation to a direction under subsection (2) as they have effect in relation to a direction under [F3section 138A(1)] but with the following modifications—
(a)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)any reference to the [F5person] is to be read as a reference to the person mentioned in subsection (2); and
(c)[F6section 138B(3)(c)] is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted.
(5)[F7Section 138A and subsections (1) to (3), (5) and (6) of section 138B] have effect in relation to a direction under subsection (3) as they have effect in relation to a direction under [F8section 138A(1)] but with the following modifications—
(a)[F9subsection (4)(a) of section 138A] is to be read as if the words “by the F10. . . person” were omitted;
(b)[F11section 138B(3)(c) and the definition of “immediate group” in section 421ZA as it applies to that section] are to be read as if references to the F10. . . person were references to each of the manager and the trustee of the scheme;
(c)[F12section 138B(3)(c)] is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted;
(d)[F13section 138B(5)] is to be read as if the reference to the F10. . . person concerned were a reference to the scheme concerned and to its manager and trustee; and
(e)[F14section 138A(7)] is to be read as if the reference to the F10. . . person were a reference to the manager and trustee of the scheme acting jointly.
Textual Amendments
F1Word in ss. 242-252A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 250(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 250(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4S. 250(4)(a) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(a)
F5Word in s. 250(4)(b) substituted (12.7.2007) by The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(b)
F6Words in s. 250(4)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Words in s. 250(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8Words in s. 250(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9Words in s. 250(5)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F10Word in s. 250(5)(a)(b)(d)(e) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(c)
F11Words in s. 250(5)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(d) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F12Words in s. 250(5)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(e) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F13Words in s. 250(5)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(f) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F14Words in s. 250(5)(e) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(g) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C1S. 250(2) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(6); S.I. 2001/3538, art. 2(1)
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