SCHEDULES

SCHEDULE 2Master Trusts operating before commencement: transitional provision

14Modifications having effect from the commencement date

Section 34 (when it becomes clear that authorisation is not to be withdrawn) has effect as if—

a

in subsection (1)—

i

after “2” there were inserted “or 2A”;

ii

after “withdrawn” there were inserted “or refused”;

b

in the table in subsection (3), in the first column (triggering event) for “Item 1 or 2” (in both places) there were substituted “Item 1 or 2 or 2A (decision to refuse to authorise existing Master Trust scheme)”;

c

in that table, in the first row for item 1 or 2 or 2A, in the second column (circumstances)—

i

in point 1, after “determination” there were inserted “or decision”;

ii

in point 2, after “withdrawn” there were inserted “or refused”;

d

in that table, in the second row for item 1 or 2 or 2A, in the second column (circumstances), in point 2, after “withdrawn” there were inserted “or refused”;

e

in subsection (4), at the end there were inserted—

c

section 6(2), in a case where that section applies.

f

in the section heading, at the end there were inserted “or refused”.