Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XVII/chapter/V/data.xht?view=snippet&wrap=true
Timestamp: 2019-09-23 14:51:29
Document Index: 488366411

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 1', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 23', 'art. 2', 'art. 2', 'art. 2', 'art. 23', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 23', 'art. 23', 'art. 2', 'art. 2', 'art. 23', 'art. 2', 'art. 23', 'art. 2', 'art. 2', 'art. 2']

F9S. 265 omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(25)
rules made by the [F10FCA] under this Act do not apply to the operator, trustee or depositary of a scheme in relation to the carrying on by him of regulated activities for which he has permission in that capacity.
[F11(1A)But subsection (1) does not affect the application of rules to an operator of a scheme if the operator is an EEA firm falling within paragraph 5(f) of Schedule 3 who qualifies for authorisation under that Schedule.]
F10Word in s. 266 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.
F11S. 266(1A) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg. 9
267 Power of [F12FCA] to suspend promotion of scheme.U.K.
(1)Subsection (2) applies if it appears to the [F13FCA] that the operator of a scheme has communicated an invitation or inducement in relation to the scheme in a manner contrary to financial promotion rules.
(2)The [F14FCA] may direct that—
(4)The [F15FCA] may, either on its own initiative or on the application of the operator of the scheme concerned, vary a direction given under subsection (2) if it appears to the [F15FCA] that the direction should take effect or continue in force in a different form.
(5)The [F16FCA] may, either on its own initiative or on the application of the operator of the recognised scheme concerned, revoke a direction given under subsection (2) if it appears to the [F16FCA]—
F12Word in s. 267 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F13Word in s. 267(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F14Word in s. 267(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15Word in s. 267(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F16Word in s. 267(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
268 Procedure on giving directions under section 267 and varying them on [F17FCA's] own initiative.U.K.
(2)A direction may be expressed to take effect immediately (or on a specified date) only if the [F18FCA], having regard to its reasons for exercising its power under section 267, considers that it is necessary for the direction to take effect immediately (or on that date).
(3)If [F19the FCA] proposes to give a direction under section 267, or gives such a direction with immediate effect, it must—
(c)state the [F20FCA's] reasons for giving the direction and for its determination as to when the direction takes effect;
(d)inform the operator that he may make representations to the [F21FCA] within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and
(5)The [F22FCA] may extend the period allowed under the notice for making representations.
(6)Subsection (7) applies if, having considered any representations made by the operator, the [F23FCA] decides—
(7)[F24The FCA] must—
(8)Subsection (9) applies if, having considered any representations made by a person to whom the notice was given, the [F25FCA] decides—
(9)[F26The FCA] must—
(13)This section applies to the variation of a direction on the [F27FCA's] own initiative as it applies to the giving of a direction.
F17Word in s. 268 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(i) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F18Word in s. 268(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F19Words in s. 268(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F20Word in s. 268(4)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F21Word in s. 268(4)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(d) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F22Word in s. 268(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(d) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F23Word in s. 268(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(d) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F24Words in s. 268(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(e) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F25Word in s. 268(8) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(f) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F26Words in s. 268(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(g) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F27Word in s. 268(13) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(h) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
(1)If, on an application under subsection (4) or (5) of section 267, the [F28FCA] proposes—
(2)If, on such an application, the [F29FCA] decides—
(4)If, on such an application, the [F30FCA] decides to grant the application it must give the operator of the scheme concerned written notice.
(5)If the [F31FCA] decides on its own initiative to revoke a direction given under section 267 it must give the operator of the scheme concerned written notice.
(6)[F32The FCA] must inform the competent authorities in the scheme’s home State of any notice given under this section.
F28Word in s. 269(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 15(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F29Word in s. 269(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 15(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F30Word in s. 269(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 15(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F31Word in s. 269(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 15(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F32Words in s. 269(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 15(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F33...U.K.
F33Ss. 270, 271 and crossheading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 18
F33270 Schemes authorised in designated countries or territories.U.K.
F33271 Procedure.U.K.
(1)The [F34FCA] may, on the application of the operator of a collective investment scheme which—
(b)does not satisfy the requirements prescribed for the purposes of section 264, [F35and]
(d)appears to the [F34FCA] to satisfy the requirements set out in the following provisions of this section,
(5)In deciding whether the matters mentioned in subsection (3) or (4) are adequate, the [F34FCA] must have regard to—
(6)“Comparable authorised schemes” means whichever of the following the [F34FCA] considers the most appropriate, having regard to the nature of scheme in respect of which the application is made—
[F37(aa)authorised contractual schemes which are co-ownership schemes;
[F38(c)any two or more of the kinds of collective investment scheme mentioned in paragraphs (a) to (b).]
(10)The operator and the trustee or depositary (if any) of the scheme must be able and willing to co-operate with the [F34FCA] by the sharing of information and in other ways.
F34Word 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.
F35Word in s. 272(1) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 19(a)
F36S. 272(1)(c) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 19(b)
F37S. 272(6)(aa)(ab) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(14)(a) (with reg. 24)
F38S. 272(6)(c) substituted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(14)(b) (with reg. 24)
C3S. 272(1) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 68(1); S.I. 2001/3538, art. 2(1)
C4S. 272(8)(9) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 9
I2S. 272 wholly in force at 1.12.2001; s. 272 not in force at Royal Assent see s. 431(2); s. 272 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 272 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
For the purposes of subsections (8)(b) and (9)(b) of section 272, the [F34FCA] may take into account any matter relating to—
I3S. 273 wholly in force at 1.12.2001; s. 273 not in force at Royal Assent see s. 431(2); s. 273 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 273 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
(1)An application under section 272 for an order declaring a scheme to be a recognised scheme must be made to the [F34FCA] by the operator of the scheme.
(a)must be made in such manner as the [F34FCA] may direct;
(c)must contain or be accompanied by such information as the [F34FCA] may reasonably require for the purpose of determining the application.
(3)At any time after receiving an application and before determining it, the [F34FCA] may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application.
(5)The [F34FCA] may require an applicant to present information which he is required to give under this section in such form, or to verify it in such a way, as the [F34FCA] may direct.
C5S. 274 extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 44(1) (with art. 23(2))
I4S. 274 wholly in force at 1.12.2001; s. 274 not in force at Royal Assent see s. 431(2); s. 274(2) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 274 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 274 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
(1)An application under section 272 must be determined by the [F34FCA] before the end of the period of six months beginning with the date on which it receives the completed application.
(2)The [F34FCA] may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.
(3)If the [F34FCA] makes an order under section 272(1), it must give written notice of the order to the applicant.
C6S. 275(1)(2) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 44(2)(3) (with art. 23(2))
I5S. 275 wholly in force at 1.12.2001; s. 275 not in force at Royal Assent see s. 431(2); s. 275 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 275 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
(1)If the [F34FCA] proposes to refuse an application made under section 272 it must give the applicant a warning notice.
(2)If the [F34FCA] decides to refuse the application—
I6S. 276 wholly in force at 1.12.2001; s. 276 not in force at Royal Assent see s. 431(2); s. 276 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 276 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
(1)The operator of a scheme recognised by virtue of section 272 must give written notice to the [F34FCA] of any proposed alteration to the scheme.
(a)the [F34FCA], 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 [F34FCA] 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 [F34FCA]—
[F39(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—
F39S. 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
C7S. 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)
C8S. 277(2)(b) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 45(2) (with art. 23(2))
C9S. 277(3) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 45(3) (with art. 23(2))
I7S. 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)
[F40277A.Regular provision of information relating to compliance with requirements for recognitionU.K.
F40S. 277A inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 21
F41...U.K.
F41S. 278 crossheading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 22
The [F34FCA] may make rules imposing duties or liabilities on the operator of a scheme recognised under section F42... 272 for purposes corresponding to those for which rules may be made under section 248 in relation to authorised unit trust schemes.
F42Words in s. 278 omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 23
The [F34FCA] may F43... revoke an order under section 272 if it appears to the [F34FCA]—
(b)that the operator, trustee or depositary of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the [F34FCA] information which is false or misleading in a material particular;
(c)F44... that one or more of the requirements for the making of the order are no longer satisfied; or
F43Words in s. 279 omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 24(a)
F44Words in s. 279(c) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 24(b)
C10S. 279 applied (1.12.2001) by S.I. 2001/3592, arts. 1(2), 47(4)(b) (with art. 23(2))
C11S. 279(c) modified (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 68(2); S.I. 2001/3538, art. 2(1)
(1)If the [F34FCA] proposes to [F45make an order under section 279] revoking a recognition order, it must give a warning notice to the operator and (if any) the trustee or depositary of the scheme.
(2)If the [F34FCA] decides to F46... make an order under that section—
F45Words in s. 280(1) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 25(a)
F46Words in s. 280(2) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 25(b)
C12S. 280(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 47(1), 48(1) (with art. 23(2))
(1)In this section a “relevant recognised scheme” means a scheme recognised under section F47... 272.
(2)If it appears to the [F34FCA] that—
(b)the operator, trustee or depositary of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the [F34FCA] information which is false or misleading in a material particular,
(c)one or more of the requirements for the recognition of [F48such a scheme] are no longer satisfied, or
F47Words in s. 281(1) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 26(a)
F48Words in s. 281(2)(c) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 26(b)
C13S. 281 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 70(b), 71(b); S.I. 2001/3538, art. 2(1)
(2)A direction may be expressed to take effect immediately (or on a specified date) only if the [F34FCA], having regard to the ground on which it is exercising its power under section 281, considers that it is necessary for the direction to take effect immediately (or on that date).
(3)If the [F34FCA] proposes to give a direction under section 281, or gives such a direction with immediate effect, it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
(c)state the [F34FCA's] reasons for giving the direction and for its determination as to when the direction takes effect;
(d)inform the person to whom it is given that he may make representations to the [F34FCA] within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and
(5)The [F34FCA] may extend the period allowed under the notice for making representations.
(6)If, having considered any representations made by a person to whom the notice was given, the [F34FCA] decides—
(7)If, having considered any representations made by a person to whom the notice was given, the [F34FCA] decides—
(11)This section applies to the variation of a direction on the [F34FCA's] own initiative as it applies to the giving of a direction.
(1)The [F34FCA] may make rules requiring operators of recognised schemes to maintain in the United Kingdom, or in such part or parts of it as may be specified, such facilities as the [F34FCA] thinks desirable in the interests of participants and as are specified in rules.
(2)The [F34FCA] may by notice in writing require the operator of any recognised scheme to include such explanatory information as is specified in the notice in any communication of his which—
I8S. 283 wholly in force at 1.12.2001; s. 283 not in force at Royal Assent see s. 431(2); s. 283(1) in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 283 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)