7.—(1) The Authority may, on the application or with the consent of any person to whom any FSA rules apply, direct that all or any of the FSA 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 FSA 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) Section 148(3) to (9) and (11) 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 section 148(2) 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)subsection (7)(b) is to be read, in relation to a shareholder, as if the word “commercial” were omitted.
(4) Section 148(3) to (9) and (11) of the Act have effect in relation to a direction under paragraph (2) as they have effect in relation to a direction under section 148(2) 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)subsections (7)(b), (8) and (11) are to be read as if the reference to the authorised person were a reference to each of the company and its depositary;
(c)subsection (7)(b) is to be read, in relation to a shareholder, as if the word “commercial” were omitted; and
(d)subsection (9) is to be read as if the reference to the authorised person were a reference to the company and its depositary acting jointly.