Section 271Q applies to schemes that cease to be recognised as a result of HM Treasury varying or revoking regulations under section 271A. Under this section, when regulations under section 271A are varied or revoked, and a scheme ceases to be recognised, then the order given by the FCA under section 271A, granting recognition to a scheme, is automatically revoked.
	Section 271Q(3) gives HM Treasury the power in regulations to modify the time limits for applications under section 272 for schemes that have had their recognition revoked as a result of HM Treasury varying or revoking regulations under section 271A. The power allows HM Treasury to require an application under section 272 of FSMA to be made during a period either set out in the regulations or set out in a direction given by the FCA, and to modify the overall time limit for an application under section 272 as set out under section 275(1) and (2) for such schemes.
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 271Q Effect of variation or revocation of HM Treasury regulations under section 271A