# The Open-Ended Investment Companies Regulations 2001, Regulation 7: Modification or waiver of FCA rules

Extent: E+W+S+N.I.

(1) The Authority may, on the application or with the consent of any person to whom any FCA rules apply, direct that all or any of the FCA 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 FCA 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) Sections 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 section 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) section 138B(3)(c) is to be read, in relation to a shareholder, as if the word “commercial" were omitted.
(4) Sections 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 section 138A(1) of the Act but with the following modifications—
(a) section 138A(4)(a) is to be read as if the words “by the authorised person" were omitted;
(b) section 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) section 138B(3)(c) is to be read, in relation to a shareholder, as if the word “commercial" were omitted; and
(d) section 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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Source: https://www.legislation.gov.uk/uksi/2001/1228/regulation/7 (the official version)
Page: https://openlegislation.uk/open-ended-investment-companies-regulations-2001/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.