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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 June 2013 - onwards
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261L. Modification or waiver of rules

(1) In this section "rules" means -

(a) contractual scheme rules; or

(b) contractual scheme particulars rules.

(2) The FCA may, on the application or with the consent of any person to whom rules apply, direct that all or any of the rules -

(a) are not to apply to that person as respects a particular scheme; or

(b) are to apply to that person, 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 operator and depositary 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 [Sections 138A and 138B were substituted by section 24(1) of the Financial Services Act 2012.] have effect in relation to a direction under subsection (2) as they have effect in rel

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