247 Trust scheme rules
247 Trust scheme rules

(1)     The [FCA] may make rules (“trust scheme rules”) as to—

(a)     the constitution, management and operation of authorised unit trust schemes;

(b)     the powers, duties, rights and liabilities of the manager and trustee of any such scheme;

(c)     the rights and duties of the participants in any such scheme; and

(d)     the winding up of any such scheme.

(2)     Trust scheme rules may, in particular, make provision—

(a)     as to the issue and redemption of the units under the scheme;

(b)     as to the expenses of the scheme and the means of meeting them;

(c)     for the appointment, removal, powers and duties of an auditor for the scheme;

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