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
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.