Schedule 9: Collective investment schemes authorised in approved countries Part 2: Minor and consequential amendments Financial Services and Markets Act 2000 c.8
Paragraphs 2 to 8 in Part 2 of Schedule 9 relate to consequential amendments to FSMA. The key amendments are:
in section 138I of FSMA, regarding consultation by the FCA, a new subsection (9A) is inserted so that this section does not apply to rules made by the FCA under section 271E relating to additional requirements. Therefore, the FCA will not be required to consult on new or amended rules made under section 271E;
in section 165(7)(b) of FSMA, regarding the FCA’s powers to require specified information or documents, or information or documents of a specified description, from recognised schemes, recognised schemes under section 271A are added. Therefore, the FCA may require such information and documents from schemes recognised under the OFR. Section 165(7)(b) also clarifies that the reference to a scheme that is recognised includes a part of a scheme;
in section 237(2) of FSMA, paragraph (ba) is added to the definition of ‘the operator’ in relation to a recognised scheme, so that it means the legal entity with overall responsibility for the management and performance of the functions of the scheme;
in section 392 of FSMA, regarding the application of sections 393 and 394 of FSMA which relate to third party rights and access to FCA material in the context of warning notices and decision notices, an amendment is made to include notices given under sections 271N and 271R;
in section 395(13) of FSMA, regarding the meaning of supervisory notice, an amendment is made to include written notices given under section 271M relating to the suspension of a scheme’s recognition.