The Treasury may by regulations make provision about the treatment of participants in collective investment schemes for the purposes of this Act.
The regulations may, in particular, specify descriptions of collective investment scheme in relation to which they are to apply.
Regulations under this section may make different provision for different cases or different purposes.
Regulations under this section—
A statutory instrument containing regulations under this section must be laid before the House of Commons after being made.
The regulations cease to have effect at the end of the period of 40 days beginning with the day on which the instrument is made unless before the end of that period the instrument is approved by a resolution of the House of Commons.
After an instrument containing regulations under this section has been approved under subsection (6), subsections (5) and (6) do not apply to any subsequent such instrument (and accordingly section 287(3) applies to any such instrument).
If regulations cease to have effect as a result of subsection (6), that does not—
In calculating the period of 40 days for the purposes of subsection (6), no account is to be taken of any time during which Parliament is dissolved or prorogued or during which the House of Commons is adjourned for more than 4 days.
In this section—
"modify" includes amend, repeal or revoke, and
"participant", in relation to a collective investment scheme, is to be read in accordance with section 235 of the Financial Services and Markets Act 2000.