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7.—(1) Approval under this Chapter is conditional on the requirements in this regulation being met by the unauthorised unit trust with respect to a period of account.
(2) Appropriate arrangements must be in place for the purpose of securing that the condition in regulation 3(1)(b) is met for the period.
(3) The period of account of the unauthorised unit trust must not exceed 18 months.
(4) The accounts for the period—
(a)must be prepared in accordance with the IMA SORP or its principles so far as relating to determining revenue and capital, and
(b)must be audited by a qualified independent auditor as being so prepared.
(5) In the following provisions of this Part references to accounts of an exempt unauthorised unit trust are to accounts meeting the conditions in paragraph (4).
(6) The managers or trustees of the trust must deliver with a return made under section 8A of TMA 1970—
(a)a statement from the managers or the trustees that the condition in regulation 3(1)(b) has been met throughout the period, and
(b)a copy of the trust’s accounts.
(7) In this regulation—
(a)“the IMA SORP” means the Investment Management Association’s Statement of Recommended Practice for the Financial Statements of Authorised Funds published in October 2010 as amended from time to time (or any successor statement of recommended practice), and
(b)“qualified independent auditor” means a person who—
(i)is eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006(1), and
(ii)if the appointment were an appointment as a statutory auditor, would not be prohibited from acting by section 1214 of that Act (independence requirement).
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