s 261L Modification or waiver of rules
(1) In this section “rules” means— (a) contractual scheme rules; or (b) contractual scheme particulars rules. (2) The FCA may, on the application or with the consent of any person to whom rules apply, direct that all or any of the rules— (a) are not to apply to that person as respects a particular scheme; or (b) are to apply to that person, as respects a particular scheme, with such modifications as may be specified in the direction. (3) The FCA may, on the application or with the consent of the operator and depositary of a particular scheme acting jointly, direct that all or any of the rules— (a) are not to apply to the scheme; or (b) are to apply to the scheme with such modifications as may be specified in the direction. (4) Section 138A and subsections (1) to (3), (5) and (6) of section 138B have effect in relation to a direction under subsection (2) as they have effect in relation to a direction under section 138A(1) but with the following modifications— (a) any reference to the person is to be read as a reference to the person mentioned in subsection (2); and (b) section 138B(3)(c) is to be read, in relation to a participant in the scheme, as if the word “commercial” were omitted. (5) Section 138A and subsections (1) to (3), (5) and (6) of section 138B have effect in relation to a direction under subsection (3) as they have effect in relation to a direction under section 138A(1) but with the following modifications— (a) subsection (4)(a) of section 138A is to be read as if the words “by the person” were omitted; (b) section 138B(3)(c) and the definition of “immediate group” in section 421ZA as it applies to that section are to be read as if references to the person were references to each of the operator and the depositary of the scheme; (c) section 138B(3)(c) is to be read, in relation to a participant in the scheme, as if the word “commercial” were omitted; (d) section 138B(5) is to be read as if the reference to the person concerned were a reference to the scheme concerned and to its operator and depositary; and (e) section 138A(7) is to be read as if the reference to the person were a reference to the operator and depositary of the scheme acting jointly.