(1) A collective investment scheme which is authorised under the law of a country or territory outside the United Kingdom is a recognised scheme if -
(a) regulations made by the Treasury approving the country or territory for the purposes of this section are in force,
(b) the scheme is of a description specified in the regulations in relation to which the country or territory is approved,
(c) the operator of the scheme has applied to the FCA for recognition of the scheme,
(d) the FCA has made (and has not revoked) an order granting the application, and
(e) no direction under section 271L (suspension of recognition) has effect in relation to the scheme.
(2) In making regulations under this section, the Treasury may have regard to any matter that they consider relevant (and see the restrictions in sections 271B and 271C).