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Financial Services and Markets Act 2000

Section 243: Authorisation orders

465.If the conditions referred to in the section are met, the Authority may make an authorisation order declaring a unit trust scheme to be authorised.  The conditions reflect certain requirements specified in the UCITS Directive which establishes a passporting regime whereby certain types of authorised collective investment scheme established in one EEA State may generally be entitled to equivalent authorisation in others.  The section includes requirements that:

  • the manager and trustee must be bodies corporate which are independent of each other and incorporated in the United Kingdom or another EEA State;

  • they must be authorised persons holding the appropriate permissions;

  • the scheme must comply with the requirements of the trust scheme rules (referred to at section 247, below); and

  • participants must be able to have their units redeemed at a price related to the net asset value of the scheme property or be able to sell their units on an exchange at a similar price.

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