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(1)A collective investment scheme constituted in another EEA State is a recognised scheme if—
(a)it satisfies such requirements as are prescribed for the purposes of this section;F1. . .
[F2(b)the home state regulator of the operator of the scheme has transmitted to the [F3FCA] notice of the operator's intention to invite persons in the United Kingdom to participate in the scheme; and
(c)the notice from the home state regulator—
(i) complies with the requirements of any directly applicable Community regulation or decision made under the UCITS directive, and
(ii)is accompanied by such other information as may be prescribed.]
(2)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)For the purposes of this section a collective investment scheme is constituted in another EEA State [F5(“the home state”)] if—
(a)it is constituted under the law of [F6the home state] by a contract or under a trust and is managed by a body corporate incorporated under [F7the law of any EEA State]; or
(b)it takes the form of an open-ended investment company incorporated under [F8the law of the home state].
(6)The operator of a recognised scheme may give written notice to the [F3FCA] that he desires the scheme to be no longer recognised by virtue of this section.
(7)On the giving of notice under subsection (6), the scheme ceases to be a recognised scheme.
Textual Amendments
F1Word in s. 264(1)(a) omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(24)(a)
F2S. 264(1)(b)(c) substituted for s. 264(1)(b) (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(24)(b)
F3Words in s. 264 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4s. 264(2)(3)(4) omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(24)(c)
F5Words in s. 264(5) inserted (24.8.2012) by The Undertakings for Collective Investment in Transferable Securities (Amendment) Regulations 2012 (S.I. 2012/2015), regs. 1, 4(a)
F6Words in s. 264(5)(a) substituted (24.8.2012) by The Undertakings for Collective Investment in Transferable Securities (Amendment) Regulations 2012 (S.I. 2012/2015), regs. 1, 4(b)(i)
F7Words in s. 264(5)(a) substituted (24.8.2012) by The Undertakings for Collective Investment in Transferable Securities (Amendment) Regulations 2012 (S.I. 2012/2015), regs. 1, 4(b)(ii)
F8Words in s. 264(5)(b) substituted (24.8.2012) by The Undertakings for Collective Investment in Transferable Securities (Amendment) Regulations 2012 (S.I. 2012/2015), regs. 1, 4(c)
Modifications etc. (not altering text)
C1S. 264 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 66(1); S.I. 2001/3538, art. 2(1)
C2S. 264 applied (with modifications) by S.I. 2001/3084, art. 3A (as inserted (24.8.2012) by The Financial Services and Markets Act 2000 (Gibraltar) (Amendment) Order 2012 (S.I. 2012/2017), arts. 1, 2(3))
Commencement Information
I1S. 264 wholly in force at 1.12.2001; s. 264 not in force at Royal Assent see s. 431(2); s. 264(1)(3)(c) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 264 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 264 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)