(1) A collective investment scheme which is not a recognised scheme by virtue of section 264 but is managed in, and authorised under the law of, a country or territory outside the United Kingdom is a recognised scheme if -
(a) that country or territory is designated for the purposes of this section by an order made by the Treasury;
(b) the scheme is of a class specified by the order;
(c) the operator of the scheme has given written notice to the FCA that he wishes it to be recognised; and
(d) either -
(i) the FCA, by written notice, has given its approval to the scheme's being recognised; or
(ii) two months, beginning with the date on which notice was given under paragraph (c), have expired without the operator receiving a warning notice from the FCA under section 271.
(2) The Treasury may not make an order designating any country or territory for the purposes of this section unless satisfied -
(a) that the law and practice under which relevant collective investment schemes are au