- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
There are currently no known outstanding effects for the The Open-Ended Investment Companies Regulations 2001, Section 7.
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7.—(1) The Authority may, on the application or with the consent of any person to whom any [F1FCA rules] apply, direct that all or any of the [F1FCA rules]—
(a)are not to apply to him as respects a particular open-ended investment company; or
(b)are to apply to him as respects such a company with such modifications as may be specified in the direction.
(2) The Authority may, on the application or with the consent of an open-ended investment company and its depositary acting jointly, direct that all or any of the [F1FCA rules]—
(a)are not to apply to the company; or
(b)are to apply to the company with such modifications as may be specified in the direction.
(3) [F2Sections 138A(3) to (7) and 138B of the Act] (modification or waiver of rules) have effect in relation to a direction under paragraph (1) as they have effect in relation to a direction under [F3section 138A(1)] of the Act but with the following modifications—
(a)subsection (4)(a) is to be read as if the words “by the authorised person" were omitted;
(b)any reference to the authorised person (except in subsection (4)(a)) is to be read as a reference to the person mentioned in paragraph (1); and
(c)[F4section 138B(3)(c)] is to be read, in relation to a shareholder, as if the word “commercial" were omitted.
(4) [F5Sections 138A(3) to (7) and 138B of the Act] have effect in relation to a direction under paragraph (2) as they have effect in relation to a direction under [F6section 138A(1)] of the Act but with the following modifications—
(a)[F7section 138A(4)(a)] is to be read as if the words “by the authorised person" were omitted;
(b)[F8section 138B(3)(c) and (5)] are to be read as if the reference to the authorised person were a reference to each of the company and its depositary;
(c)[F9section 138B(3)(c)] is to be read, in relation to a shareholder, as if the word “commercial" were omitted; and
(d)[F10section 138A(7)] is to be read as if the reference to the authorised person were a reference to the company and its depositary acting jointly.
Textual Amendments
F1Words in Regulations substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(2)
F2Words in reg. 7(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(a)(i)
F3Words in reg. 7(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(a)(ii)
F4Words in reg. 7(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(a)(iii)
F5Words in reg. 7(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(b)(i)
F6Words in reg. 7(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(b)(ii)
F7Words in reg. 7(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(b)(iii)
F8Words in reg. 7(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(b)(iv)
F9Words in reg. 7(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(b)(v)
F10Words in reg. 7(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(4)(b)(vi)
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