(1) Upon application to the Bank in accordance with this section by the management company and trustee under a unit trust scheme, the Bank shall authorise the scheme if, but only if -
(a) where the management company under the scheme is not authorised by the Bank under Part 2 of the European Union (Alternative Investment Fund Managers) Regulations 2013 or by the competent authority in its home Member State in accordance with Chapter II of Directive 2011/61/EC of the European Parliament and of the Council of 8 June 2011 or in its Member State of reference in accordance with that Chapter II:
(i) the Bank is satisfied that the competence of the management company in respect of matters of the kind with which it would be concerned in relation to a unit trust scheme and its probity are such as to render it suitable to act as management company under the scheme, and
(ii) the management company under the scheme is a body corporate that is incorporated under the law of the State and has, in the
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