Financial Services and Markets Act 2000

250 Modification or waiver of rules. U.K.

(1) In this section “rules” means—

(a) trust scheme rules; or

(b) scheme particulars rules.

(2) The [F1 FCA] 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 [F1 FCA] 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) [F2 Section 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 [F3 section 138A(1)] but with the following modifications—

(a) F4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) any reference to the [F5 person] is to be read as a reference to the person mentioned in subsection (2); and

(c) [F6 section 138B(3)(c)] is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted.

(5) [F7 Section 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 [F8 section 138A(1)] but with the following modifications—

(a) [F9 subsection (4)(a) of section 138A] is to be read as if the words “by the F10 . . . person” were omitted;

(b) [F11 section 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) [F12 section 138B(3)(c)] is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted;

(d) [F13 section 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) [F14 section 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.

Textual Amendments

F1 Word in ss. 242-252A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2 Words in s. 250(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3 Words in s. 250(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4 S. 250(4)(a) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(a)

F5 Word in s. 250(4)(b) substituted (12.7.2007) by The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(b)

F6 Words in s. 250(4)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7 Words in s. 250(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F8 Words in s. 250(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9 Words in s. 250(5)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F10 Word in s. 250(5)(a)(b)(d)(e) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(c)

F11 Words in s. 250(5)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(d) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F12 Words in s. 250(5)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(e) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F13 Words in s. 250(5)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(f) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F14 Words in s. 250(5)(e) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 11(3)(g) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1 S. 250(2) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(6); S.I. 2001/3538, art. 2(1)