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.
C12
The F14FCA 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 F14FCA 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
F4Section 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 F5section 138A(1) but with the following modifications—
a
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
any reference to the F2person is to be read as a reference to the person mentioned in subsection (2); and
c
F12section 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
b
c
F13section 138B(3)(c) is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted;