Part XVII Collective Investment Schemes
Chapter V Recognised Overseas Schemes
Individually recognised overseas schemes
277 Alteration of schemes and changes of operator, trustee or depositary.
(1)
The operator of a scheme recognised by virtue of section 272 must give written notice to the F1FCA of any proposed alteration to the scheme.
(2)
Effect is not to be given to any such proposal unless—
(a)
the F1FCA, by written notice, has given its approval to the proposal; or
(b)
one month, beginning with the date on which notice was given under subsection (1), has expired without the F1FCA having given written notice to the operator that it has decided to refuse approval.
(3)
At least one month before any replacement of the operator, trustee or depositary of such a scheme, notice of the proposed replacement must be given to the F1FCA—
(a)
by the operator, trustee or depositary (as the case may be); or
(b)
by the person who is to replace him.
F2(4)
If a change is made, or is to be made, to the law which applies to such a scheme in the country or territory in which it is managed and the change affects or will affect any of the matters mentioned at section 272(2) to (4), the operator of the scheme must give written notice of the change to the FCA—
(a)
at least one month before the change takes effect; or
(b)
if that is not reasonably practicable, as soon as it is reasonably practicable to do so.
(5)
A notice under this section—
(a)
must be given in such manner as the FCA may direct; and
(b)
where the notice is given under subsection (1) or (3), must include such information as the FCA may direct for the purpose of determining whether the requirements for the making of an order under section 272 in respect of the scheme would continue to be satisfied following the alteration or replacement that is the subject of the notice.