(1) Where an application is duly made under regulation 12, the Authority may make an authorisation order in respect of an open-ended investment company if -

(a) it is satisfied that the company will, on the coming into effect of the authorisation order, comply with the requirements in regulation 15;

(b) it is satisfied that the company will, at that time, comply with the requirements of FCA rules;

(c) it has been provided with a copy of the proposed company’s instrument of incorporation and a certificate signed by a solicitor to the effect that the instrument of incorporation complies with Schedule 2 to these Regulations and with such of the requirements of FCA rules as relate to the contents of that instrument of incorporation; and

(d) it has received a notification under regulation 18(3) from the appropriate registrar.

(1A) Where an application is made under regulation 12(A1)(b) the Authority may make an authorisation order in respect of a body as a money market fund if conditions A and B are met.