Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XVII/chapter/III/2011-03-06
Timestamp: 2019-05-25 10:25:53
Document Index: 295031961

Matched Legal Cases: ['art. 2', 'art. 2', 'art. 2', 'art. 23', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 11', 'art. 11', 'art. 11', 'art. 2', 'art. 2', 'art. 23', 'art. 23', 'art. 2', 'art. 2', 'art. 2', 'art. 23', 'art. 2', 'art. 2', 'art. 23', 'art. 2', 'art. 2', 'art. 23', 'art. 23', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

Point in Time (06/03/2011)
Point in time view as at 06/03/2011. This version of this chapter contains provisions that are not valid for this point in time.
242 Applications for authorisation of unit trust schemes.E+W+S+N.I.
243 Authorisation orders.E+W+S+N.I.
(1)If, on an application under section 242 in respect of a unit trust scheme, the Authority—
(5)The manager and the trustee must each—
(a)be a body corporate incorporated in the United Kingdom or another EEA State, and
(b)have a place of business in the United Kingdom,
C2S. 243(1) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 65(1); S.I. 2001/3538, art. 2(1)
I2S. 243 wholly in force at 1.12.2001; s. 243 not in force at Royal Assent see s. 431(2); s. 243 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 243 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
244 Determination of applications.E+W+S+N.I.
(1)An application under section 242 must be determined by the Authority before the end of the period of six months beginning with the date on which it receives the completed application.
C3S. 244 applied (1.12.2001) by S.I. 2001/3592, arts. 1(2), 39(1) (with art. 23(2))
I3S. 244 wholly in force at 1.12.2001; s. 244 not in force at Royal Assent see s. 431(2); s. 244 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 244 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
245 Procedure when refusing an application.E+W+S+N.I.
(1)If the Authority proposes to refuse an application made under section 242 it must give each of the applicants a warning notice.
I4S. 245 wholly in force at 1.12.2001; s. 245 not in force at Royal Assent see s. 431(2); s. 245 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 245 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 manager or trustee of a unit trust scheme which complies with the conditions necessary for it to enjoy the rights conferred by any relevant Community instrument so requests, the Authority may issue a certificate to the effect that the scheme complies with those conditions.
C4S. 246 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 65(3); S.I. 2001/3538, art. 2(1)
I5S. 246 wholly in force at 1.12.2001; s. 246 not in force at Royal Assent see s. 431(2); s. 246 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 246 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
247 Trust scheme rules.E+W+S+N.I.
(1)The Authority may make rules (“trust scheme rules”) as to—
(a)a modification is made of the statutory provisions in force in Great Britain or Northern Ireland relating to companies,
248 Scheme particulars rules.E+W+S+N.I.
(1)The Authority may make rules (“scheme particulars rules”) requiring the manager of an authorised unit trust scheme—
249 Disqualification of auditor for breach of trust scheme rules.E+W+S+N.I.
(1)If it appears to the Authority that an auditor has failed to comply with a duty imposed on him by trust scheme rules, it may disqualify him from being the auditor for any authorised unit trust scheme or authorised open-ended investment company.
C5S. 249(1) applied (with modifications) (N.I.) (1.11.2004) by Open-Ended Investment Companies Regulations (Northern Ireland) (S.R. 2004/335), regs. 1(1)(b), 69, {Sch. 5 para. 20} (with reg. 1(2))
250 Modification or waiver of rules.E+W+S+N.I.
(b)any reference to the [F2person] is to be read as a reference to the person mentioned in subsection (2); and
(a)subsection (4)(a) is to be read as if the words “by the F3. . . person” were omitted;
(b)subsections (7)(b) and (11) are to be read as if references to the F3. . . person were references to each of the manager and the trustee of the scheme;
(d)subsection (8) is to be read as if the reference to the F3. . . person concerned were a reference to the scheme concerned and to its manager and trustee; and
(e)subsection (9) is to be read as if the reference to the F3. . . person were a reference to the manager and trustee of the scheme acting jointly.
F1S. 250(4)(a) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(a)
F2Word in s. 250(4)(b) substituted (12.7.2007) by The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(b)
F3Word in s. 250(5)(a)(b)(d)(e) omitted (12.7.2007) by virtue of The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 11(c)
C6S. 250(2) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(6); S.I. 2001/3538, art. 2(1)
C7S. 251 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(7); S.I. 2001/3538, art. 2(1)
C8S. 251(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 40(1) (with art. 23(2))
C9S. 251(3) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 41(1) (with art. 23(2))
I6S. 251 wholly in force at 1.12.2001; s. 251 not in force at Royal Assent see s. 431(2); s. 251 (except subsection (4)(b)) in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 251 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
C10S. 252 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(7); S.I. 2001/3538, art. 2(1)
C11S. 252(3) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 40(3), 41(2) (with art. 23(2))
I7S. 252 wholly in force at 1.12.2001; s. 252 not in force at Royal Assent see s. 431(2); s. 252 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 252 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
[F4[F4252AProposal to convert to a non-feeder UCITSE+W+S+N.I.
F4S. 252A inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(19)
253 Avoidance of exclusion clauses.E+W+S+N.I.
(1)An authorisation order may be revoked by an order made by the Authority if it appears to the Authority that—
C12S. 254 applied (with modifications) (1.12.2001) by S.I. 2001/3592, arts. 1(2), 46(4)(5) (with art. 23(2))
C13S. 254(1)(a) modified (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 65(2); S.I. 2001/3538, art. 2(1)
C14S. 254(1)(d) excluded (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(2); S.I. 2001/3538, art. 2(1)
255 Procedure.E+W+S+N.I.
(1)If the Authority proposes to make an order under section 254 revoking an authorisation order (“a revoking order”), it must give separate warning notices to the manager and the trustee of the scheme.
C15S. 255(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 46(1) (with art. 23(2))
256 Requests for revocation of authorisation order.E+W+S+N.I.
(1)An authorisation order may be revoked by an order made by the Authority at the request of the manager or trustee of the scheme concerned.
(b)revocation would not be in the interests of the participants or would be incompatible with a Community obligation.
C16S. 256(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 46(6) (with art. 23(2))
C17S. 257(1) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 69(1); S.I. 2001/3538, art. 2(1)
C18S. 257(1)(b) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(7); S.I. 2001/3538, art. 2(1)
C19S. 257(6) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 69(3); S.I. 2001/3538, art. 2(1)
I8S. 257 wholly in force at 1.12.2001; s. 257 not in force at Royal Assent see s. 431(2); s. 257 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 257 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
[F5[F5258AWinding up or merger of master UCITSE+W+S+N.I.
(1)Subsection (2) applies if a master UCITS which has one or more feeder UCITS which are authorised unit trust schemes is wound up, whether as a result of a direction given by the Authority under section 257, an order of the court under section 258, rules made by the Authority or otherwise.
(b)the Authority approves under section 252A an amendment of the trust deed of the scheme which would enable it to convert into a UCITS which is not a feeder UCITS.]]
F5S. 258A inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(21)
259 Procedure on giving directions under section 257 and varying them on Authority’s own initiative.E+W+S+N.I.
(6)If the direction imposes a requirement under section 257(2)(b), the scheme must be wound up—
I9S. 259 wholly in force at 1.12.2001; s. 259 not in force at Royal Assent see s. 431(2); s. 259 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 259 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
(1)If on an application under section 257(6) for a direction to be revoked or varied the Authority proposes—
I10S. 260 wholly in force at 1.12.2001; s. 260 not in force at Royal Assent see s. 431(2); s. 260 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 260 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
261 Procedure: revocation of direction and grant of request for variation.E+W+S+N.I.
(1)If the Authority decides on its own initiative to revoke a direction under section 257 it must give separate written notices of its decision to the manager and trustee of the scheme.
I11S. 261 wholly in force at 1.12.2001; s. 261 not in force at Royal Assent see s. 431(2); s. 261 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2 Sch. Pt. 2; s. 261 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
[F6[F6261AInformation for home state regulatorE+W+S+N.I.
(1)Subsection (2) applies if, in accordance with rules made by the Authority to implement Article 66 of the UCITS directive, the Authority is informed by the manager of an authorised unit trust scheme which is a master UCITS that a feeder UCITS which invests in units of the scheme is an EEA UCITS.
(2)The Authority must immediately inform the home state regulator of the feeder UCITS of the investment made by that UCITS in the master UCITS.]
F6Ss. 261A, 261B inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(23)
261BInformation for feeder UCITSE+W+S+N.I.
(1)The Authority must immediately inform the operator of any authorised unit trust scheme which is a feeder UCITS of an authorised unit trust scheme or an authorised open-ended investment company (the master UCITS) of—