(1) The operator of a scheme recognised by virtue of section 272 must give written notice to the FCA of any proposed alteration to the scheme which, if made, would be a material alteration.
(2) Effect is not to be given to any such proposal unless -
(a) the FCA, by written notice, has given its approval to the proposal; or
(b) one month, beginning with the date on which notice was given under subsection (1), has expired without the FCA having given written notice to the operator that it has decided to refuse approval.
(3) Before any replacement of the operator, trustee or depositary of such a scheme, notice of the proposed replacement must be given to the FCA -
(a) by the operator, trustee or depositary (as the case may be); or
(b) by the person who is to replace him.
(3A) A notice under subsection (3) must be given -
(a) at least one month before the proposed replacement, or
(b) if that is not reasonably practicable, as soon as is reasonably practicable in the period of one month befo
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