PART II FORMATION, SUPERVISION AND CONTROL

General

Modification or waiver of FSA rules7

1

The Authority may, on the application or with the consent of any person to whom any FSA rules apply, direct that all or any of the FSA rules—

a

are not to apply to him as respects a particular open-ended investment company; or

b

are to apply to him as respects such a company with such modifications as may be specified in the direction.

2

The Authority may, on the application or with the consent of an open-ended investment company and its depositary acting jointly, direct that all or any of the FSA rules—

a

are not to apply to the company; or

b

are to apply to the company with such modifications as may be specified in the direction.

3

Section 148(3) to (9) and (11) of the Act (modification or waiver of rules) have effect in relation to a direction under paragraph (1) as they have effect in relation to a direction under section 148(2) of the Act but with the following modifications—

a

subsection (4)(a) is to be read as if the words “by the authorised person" were omitted;

b

any reference to the authorised person (except in subsection (4)(a)) is to be read as a reference to the person mentioned in paragraph (1); and

c

subsection (7)(b) is to be read, in relation to a shareholder, as if the word “commercial" were omitted.

4

Section 148(3) to (9) and (11) of the Act have effect in relation to a direction under paragraph (2) as they have effect in relation to a direction under section 148(2) of the Act but with the following modifications—

a

subsection (4)(a) is to be read as if the words “by the authorised person" were omitted;

b

subsections (7)(b), (8) and (11) are to be read as if the reference to the authorised person were a reference to each of the company and its depositary;

c

subsection (7)(b) is to be read, in relation to a shareholder, as if the word “commercial" were omitted; and

d

subsection (9) is to be read as if the reference to the authorised person were a reference to the company and its depositary acting jointly.