Section 277: Alteration of schemes and changes of operator, trustee or depositary., Financial Services and Markets Act 2000

The operator of a scheme recognised by virtue of section 272 must give written notice to the FCA of any proposed alteration to the scheme which, if made, would be a material alteration.

Effect is not to be given to any such proposal unless—

the FCA, by written notice, has given its approval to the proposal; or

one month, beginning with the date on which notice was given under subsection (1), has expired without the FCA having given written notice to the operator that it has decided to refuse approval.

... Before any replacement of the operator, trustee or depositary of such a scheme, notice of the proposed replacement must be given to the FCA—

by the operator, trustee or depositary (as the case may be); or

by the person who is to replace him.

A notice under subsection (3) must be given—

at least one month before the proposed replacement, or

if that is not reasonably practicable, as soon as is reasonably practicable in the period of one month before the proposed replacement.

The operator of such a scheme must give written notice to the FCA, as soon as reasonably practicable, of any change to—

the name or address of the operator of the scheme,

the name or address of any trustee or depositary of the scheme,

the name or address of any representative of the operator in the United Kingdom, and

the address of the place in the United Kingdom for service of notices, or other documents, required or authorised to be served on the operator under this Act.

If a change is made, or is to be made, to the law which applies to such a scheme in the country or territory in which it is managed and the change affects or will affect any of the matters mentioned at section 272(2) to (4), the operator of the scheme must give written notice of the change to the FCA—

at least one month before the change takes effect; or

if that is not reasonably practicable, as soon as it is reasonably practicable to do so.

A notice under this section—

must be given in such manner as the FCA may direct; and

where the notice is given under subsection (1) or (3), must include such information as the FCA may direct for the purpose of determining whether the requirements for the making of an order under section 272 in respect of the scheme would continue to be satisfied following the alteration or replacement that is the subject of the notice.

The FCA may make rules specifying when a proposed alteration is a material alteration for the purposes of subsection (1).

Section 277: Alteration of schemes and changes of operator, trustee or depositary.

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