(1) The FCA may by rules ("contractual scheme rules") make in relation to authorised contractual schemes provision corresponding to that which may be made under section 247 [Section 247 was amended by the Financial Services Act 2012, Schedule 18, paragraph 9(1) and (2)(b).] in relation to authorised unit trust schemes.
(2) For the purposes of subsection (1), section 247 is to be read with the following modifications -
(a) a reference to trust scheme rules is to be read as a reference to contractual scheme rules;
(b) a reference to authorised unit trust schemes is to be read as a reference to authorised contractual schemes;
(c) a reference to the manager is to be read as a reference to the operator;
(d) a reference to the trustee is to be read as a reference to the depositary; and
(e) a reference to the trust deed is to be read as a reference to the contractual scheme deed.
(3) The Treasury’s power by order under section 247(5) to modify the FCA's power to make trust scheme ru
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