Financial Services and Markets Act 2000

277 Alteration of schemes and changes of operator, trustee or depositary. U.K.

(1) The operator of a scheme recognised by virtue of section 272 must give written notice to the [F1 FCA] of any proposed alteration to the scheme [F2 which, if made, would be a material alteration].

(2) Effect is not to be given to any such proposal unless—

(a) the [F1 FCA], 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 [F1 FCA] having given written notice to the operator that it has decided to refuse approval.

(3) F3 ... Before any replacement of the operator, trustee or depositary of such a scheme, notice of the proposed replacement must be given to the [F1 FCA]—

(a) by the operator, trustee or depositary (as the case may be); or

(b) by the person who is to replace him.

[F4 (3A) A notice under subsection (3) must be given—

(a) at least one month before the proposed replacement, or

(b) if that is not reasonably practicable, as soon as is reasonably practicable in the period of one month before the proposed replacement.

(3B) The operator of such a scheme must give written notice to the FCA, as soon as reasonably practicable, of any change to—

(a) the name or address of the operator of the scheme,

(b) the name or address of any trustee or depositary of the scheme,

(c) the name or address of any representative of the operator in the United Kingdom, and

(d) the address of the place in the United Kingdom for service of notices, or other documents, required or authorised to be served on the operator under this Act.]

[F5 (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.]

[F6 (6) The FCA may make rules specifying when a proposed alteration is a material alteration for the purposes of subsection (1).]

Textual Amendments

F1 Word in ss. 271-283B 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. 277(1) inserted (1.1.2023) by Financial Services Act 2021 (c. 22), ss. 25(4)(a), 49(5); S.I. 2022/163, reg. 3

F3 Words in s. 277(3) omitted (23.2.2022) by virtue of Financial Services Act 2021 (c. 22), ss. 25(4)(b), 49(5); S.I. 2022/163, reg. 2(b)

F4 S. 277(3A)(3B) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), ss. 25(4)(c), 49(5); S.I. 2022/163, reg. 2(b)

F5 S. 277(4)(5) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 20

F6 S. 277(6) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), ss. 25(4)(d), 49(5); S.I. 2022/163, reg. 2(b)

Modifications etc. (not altering text)

C1 S. 277(1) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(9); S.I. 2001/3538, art. 2(1)

S. 277(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 45(1) (with art. 23(2))

C2 S. 277(2)(b) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 45(2) (with art. 23(2))

C3 S. 277(3) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 45(3) (with art. 23(2))

Commencement Information

I1 S. 277 wholly in force at 1.12.2001; s. 277 not in force at Royal Assent see s. 431(2); s. 277 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 277 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)