Regulation 7 Modification or waiver of FCA rulesF1

are not to apply to him as respects a particular open-ended investment company; or

are to apply to him as respects such a company with such modifications as may be specified in the direction.

are not to apply to the company; or

are to apply to the company with such modifications as may be specified in the direction.

subsection (4)(a) is to be read as if the words “by the authorised person" were omitted;

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

F4section 138B(3)(c) is to be read, in relation to a shareholder, as if the word “commercial" were omitted.

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

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;

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

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.