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The Open-Ended Investment Companies Regulations 2001

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Modification or waiver of [F1FCA rules] U.K.

7.—(1) The Authority may, on the application or with the consent of any person to whom any [F1FCA rules] apply, direct that all or any of the [F1FCA 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 [F1FCA 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) [F2Sections 138A(3) to (7) and 138B 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 [F3section 138A(1)] 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)[F4section 138B(3)(c)] is to be read, in relation to a shareholder, as if the word “commercial" were omitted.

(4) [F5Sections 138A(3) to (7) and 138B of the Act] have effect in relation to a direction under paragraph (2) as they have effect in relation to a direction under [F6section 138A(1)] of the Act but with the following modifications—

(a)[F7section 138A(4)(a)] is to be read as if the words “by the authorised person" were omitted;

(b)[F8section 138B(3)(c) and (5)] are to be read as if the reference to the authorised person were a reference to each of the company and its depositary;

(c)[F9section 138B(3)(c)] is to be read, in relation to a shareholder, as if the word “commercial" were omitted; and

(d)[F10section 138A(7)] is to be read as if the reference to the authorised person were a reference to the company and its depositary acting jointly.

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