(1) In this section "rules" means -
(2) The FCA may, on the application or with the consent of any person to whom any rules apply, direct that all or any of the rules -
(a) are not to apply to him as respects a particular scheme; or
(b) are to apply to him, 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 manager and trustee 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) [deleted]
(b) any reference to the person is to be re
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