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 271E Power to impose requirements on schemes
Section 271E(1) sets out the power for HM Treasury to impose additional requirements on schemes recognised under section 271A,including schemes which are granted MMF equivalence and wish to market to retail investors. Additional requirements are intended to be used by HM Treasury in addition to an equivalence determination, where it is necessary to ensure a greater level of comparability and consistency with the regulation of schemes in the UK. Additional requirements will be set out in regulations made by HM Treasury.
	Section 271E(2) sets out that HM Treasury must have regard to requirements imposed on comparable authorised schemes in the UK by or under FSMA when making regulations imposing additional requirements on overseas schemes. Section 271E(3) sets out that HM Treasury also has the power to describe additional requirements in the regulations by referring to current or future FCA rules or other enactments as amended from time to time. The definition of ‘enactment’ in section 271E(10) sets out what is included.
	Section 271E(5) gives the FCA the power to make, amend or revoke rules if it considers it necessary or appropriate to do so for the purpose of a requirement imposed, or varied or withdrawn, by regulations made by HM Treasury under this section.
	If HM Treasury considers it necessary or appropriate for the FCA to make, amend or revoke a rule for the purpose of a requirement imposed by its regulations, then under section 271E(6) HM Treasury may direct the FCA to do so. References to rules which are amended or revoked in paragraphs (5) and (6) are to FCA rules made by the FCA.
	Section 271E(7) provides that the direction given in the previous subsection must be complied with in a time set by HM Treasury.
	Section 271E(9) applies section 141A of FSMA to rules made, amended or revoked by the FCA under section 271E.