The FCA may by rules ("contractual scheme rules") make in relation to authorised contractual schemes provision corresponding to that which may be made under section 247 in relation to authorised unit trust schemes.
For the purposes of subsection (1), section 247 is to be read with the following modifications—
a reference to trust scheme rules is to be read as a reference to contractual scheme rules;
a reference to authorised unit trust schemes is to be read as a reference to authorised contractual schemes;
a reference to the manager is to be read as a reference to the operator;
a reference to the trustee is to be read as a reference to the depositary; and
a reference to the trust deed is to be read as a reference to the contractual scheme deed.
The Treasury's power by order under section 247(5) to modify the FCA's power to make trust scheme rules shall also be exercisable in relation to the FCA's power to make contractual scheme rules.
For the purposes of subsection (3), section 247(5) is to be read as if the reference to authorised unit trust schemes were a reference to authorised contractual schemes.