(a) may only make an order under section 271A granting an application under that section if it is satisfied that the conditions in subsection (2) are met, and
(b) if it is so satisfied, must make such an order unless it is permitted to refuse the application under subsection (3) or required to do so under subsection (4).
(2) Those conditions are -
(a) that the scheme is authorised in a country or territory which is approved by the Treasury in regulations under section 271A,
(b) that the scheme is of a description of scheme specified in the regulations,
(c) that adequate arrangements exist for co-operation between the FCA and the overseas regulator, and
(d) that, where requirements imposed by regulations under section 271E would apply to the scheme or its operator if the application were granted, each such requirement would be satisfied.
(3) The FCA may refuse an application under section 271A if it appears to the FCA that the operator of the scheme -
(a) has contravened
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