Part XVII

Collective Investment Schemes
Chapter V

Recognised Overseas Schemes

Schemes authorised in approved countries

Determination of applications
271G
1
The FCA—
a
may only make an order under section 271A granting an application under that section if it is satisfied that the conditions in subsection (2) are met, and
b
if it is so satisfied, must make such an order unless it is permitted to refuse the application under subsection (3) or required to do so under subsection (4).
2
Those conditions are—
a
that the scheme is authorised in a country or territory which is approved by the Treasury in regulations under section 271A,
b
that the scheme is of a description of scheme specified in the regulations,
c
that adequate arrangements exist for co-operation between the FCA and the overseas regulator, and
d
that, where requirements imposed by regulations under section 271E would apply to the scheme or its operator if the application were granted, each such requirement would be satisfied.
3
The FCA may refuse an application under section 271A if it appears to the FCA that the operator of the scheme—
a
has contravened a requirement imposed on them by or under this Act, or would contravene such a requirement if the application were granted, or
b
has, in purported compliance with such a requirement, knowingly or recklessly given the FCA information which is false or misleading in a material particular.
4
The FCA must refuse an application under section 271A if it considers it desirable to do so in order to protect the interests of participants or potential participants in the scheme in the United Kingdom.
5
Where the FCA receives an application under section 271A which is complete, it must give the applicant a notice under section 271H(1) or (2) before the end of the period of two months beginning with the day on which the FCA receives the application.
6
An application under section 271A is complete if the FCA considers that the application satisfies section 271F(1) and (2).
7
Where the FCA receives an application under section 271A which is not complete, it must—
a
notify the operator of the scheme that it does not consider that the application satisfies section 271F(1) or (2) (as applicable), and
b
identify the information needed to complete the application.
8
In this section, “
the overseas regulator
” has the same meaning as in section 271C.
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))
Ss. 271A-271S and cross-heading inserted (23.2.2022) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 1; S.I. 2022/163, reg. 2(a)
S. 271G(5) excluded (23.2.2022) by S.I. 2019/325, reg. 67A(3) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 16; S.I. 2022/163, reg. 2(a))