(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) [deleted]
(b) any reference to the person is to be read as a reference to the p
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