Schedule 9: Collective investment schemes authorised in approved countries Part 1: Provisions to be inserted in Chapter 5 of Part 17 of the Financial Services and Markets Act 2000 271S Recognition of parts of schemes under section 271A
This section mirrors new section 282C of FSMA, inserted by section 25 of this Act.
	Section 271S(1) clarifies that recognition under section 271A(1) applies to parts of collective investment schemes (also called ‘sub-funds’) as it does to schemes. Subsection (2) makes it clear that the definition of a ‘recognised scheme’ in Part 17 of FSMA includes a part of a scheme recognised under section 271A, and that other references in or made under Part 17 to schemes recognised under section 271A include parts of schemes. Subsection (3) sets out that provisions made under or of Part 17 have effect in relation to parts of schemes recognised, or seeking recognition under section 271A with appropriate modifications, and subsection (4)(a) allows HM Treasury to make provision by way of regulations as to what are, or what are not such appropriate modifications.
	Subsection (4)(b) and (c) also give HM Treasury powers to make by regulations, provision so that relevant enactments have effect with appropriate modifications, or do not have effect, in relation to parts of schemes recognised or seeking recognition under section 271A. Relevant enactments are defined as any legislation relating to schemes recognised or seeking recognition under section 271A, which were passed or made before the day on which section 271S(1) comes into force. In making regulations under, and for the purposes set out in subsection (4)(b) and (c), HM Treasury can amend, repeal or revoke legislation.
	A consequential amendment is also made in Part 2 of Schedule 9, paragraph 8 to add section 271S to section 429(2) of FSMA, which means that the powers under section 271S will be exercised by the affirmative procedure.