Part XVII

Collective Investment Schemes
CHAPTER
3A

AUTHORISED CONTRACTUAL SCHEMES

Applications for authorisation

Determination of applications
261F
1
Subject to subsection (2), an application under section
261C(1)(a)
must be determined by the
FCA
before the end of the period of six months beginning with the date on which it receives the completed application.
2
An application under section
261C(1)(a) in respect of a contractual scheme which is a
UCITS
, or an application under section 261C(1)(b),
must be determined by the
FCA
before the end of two months beginning with the date on which it receives the application.
3
The
FCA
may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.
4
The applicants may withdraw the application, by giving the
FCA
written notice, at any time before the
FCA
determines it.
Words in s. 261F(2) substituted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(14)(b)
Pt. 17 modified (20.2.2019) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(3), 62 (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 12(b))
Word in s. 261F(1) substituted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(14)(a)
Pt. 17 Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)