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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 23 February 2022 - onwards
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272. Individually recognised overseas schemes

(1) The FCA may, on the application of the operator of a collective investment scheme which -

(a) is managed in a country or territory outside the United Kingdom,

(b) [deleted]

(c) [deleted]

(ca) does not have the benefit of section 271A, and

(d) appears to the FCA to satisfy the requirements set out in substitute subsections (2) to (15),

make an order declaring the scheme to be a recognised scheme.

(1A) For the purposes of subsection (1)(ca), a collective investment scheme has the benefit of section 271A if -

(a) it is authorised under the law of a country or territory which is for the time being approved by regulations under section 271A, and

(b) it falls within a description of schemes specified in the regulations.

(2) Adequate protection must be afforded to participants in the scheme.

(3) The arrangements for the scheme's constitution and management must be adequate.

(4) The powers and duties of the operator and, if the scheme has a trustee or depositary, of the trustee or deposita

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