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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
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243. Authorisation orders: authorised unit trust schemes

(1) If, on an application under section 242(1)(a) in respect of a unit trust scheme, the FCA -

(a) is satisfied that the scheme complies with the requirements set out in this section,

(b) is satisfied that the scheme complies with the requirements of the trust scheme rules, and

(c) has been provided with a copy of the trust deed and a certificate signed by a solicitor to the effect that it complies with such of the requirements of this section or those rules as relate to its contents,

the FCA may make an order declaring the scheme to be an authorised unit trust scheme.

(2) If the FCA makes an order under subsection (1), it must give written notice of the order to the applicant.

(3) [deleted]

(4) The manager and the trustee must be persons who are independent of each other.

(5) The manager and the trustee must each be a body corporate incorporated in the United Kingdom, and the affairs of each must be administered in the United Kingdom.

(5A) The manager and the trustee must each have a

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