Part XVII Collective Investment Schemes
Chapter III Authorised Unit Trust Schemes
Rules
250 Modification or waiver of rules.
1
In this section “rules” means—
a
trust scheme rules; or
b
scheme particulars rules.
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The Authority 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 Authority 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
Subsections (3) to (9) and (11) of section 148 have effect in relation to a direction under subsection (2) as they have effect in relation to a direction under section 148(2) 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 subsection (2); and
c
subsection (7)(b) is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted.
5
Subsections (3) to (9) and (11) of section 148 have effect in relation to a direction under subsection (3) as they have effect in relation to a direction under section 148(2) 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) and (11) are to be read as if references to the authorised person were references to each of the manager and the trustee of the scheme;
c
subsection (7)(b) is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted;
d
subsection (8) is to be read as if the reference to the authorised person concerned were a reference to the scheme concerned and to its manager and trustee; and
e
subsection (9) is to be read as if the reference to the authorised person were a reference to the manager and trustee of the scheme acting jointly.