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.

(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.