Modifications etc. (not altering text)
C1Sch. 3 extended (with modifications) (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 25-27; S.I. 2001/3538, art. 2(1)
Sch. 3 extended (with modifications) (Gibraltar) (5.10.2001 for specified purposes, 1.12.2001 in so far as not already in force) by S.I. 2001/3084, arts. 1(1), 2-4 (as amended (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 3 (which amending S.I. is itself amended by S.I. 2014/1313, arts. 1, 2(a)); and as amended (31.12.2020) by S.I. 2019/589, regs. 1(3), 5-9 (with reg. 12) (as amended by S.I. 2020/1274, regs. 1, 2)); S.I. 2001/3538, art. 2(1)
Sch. 3 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(b), 128(3)(b) (with art. 23(2))
Textual Amendments
F1Sch. 3 para. 15A and cross-heading inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg. 3(1)(d)
[F215A(1)An EEA firm falling within paragraph 5(f) which wishes to manage a UK UCITS must apply to the [F3appropriate UK regulator] in the specified form for approval to manage that UCITS.
(2)Where the EEA firm satisfies the conditions in paragraph 13 (establishment conditions) or paragraph 14 (service conditions), the [F3appropriate UK regulator] may only refuse the application if it determines that one of the grounds set out in sub-paragraph (3) applies.
(3)The grounds referred to in sub-paragraph (2) are—
(a)that the EEA firm does not comply with the UCITS home state rules;
(b)that the firm is not authorised by its home state regulator to manage the type of collective investment scheme for which authorisation is requested; or
(c)that the firm has not provided the documentation required under Article 20(1) of the UCITS directive.
(4)The [F3appropriate UK regulator] must give a notice to the EEA firm, the firm's home state regulator and the Commission of the [F3appropriate UK regulator's] determination under sub-paragraph (2).
(5)Before giving a notice under sub-paragraph (4), the [F3appropriate UK regulator] must consult the home state regulator of the firm.
(6)A notice given by the [F3appropriate UK regulator] under sub-paragraph (4) must—
(a)give the [F3appropriate UK regulator's] reasons for considering that one of the grounds set out in sub-paragraph (3) is satisfied; and
(b)specify a reasonable period (which may not be less than 28 days) within which any person to whom it is given may make representations to the [F3appropriate UK regulator].
[F4(6A)If—
(a)the FCA is the appropriate UK regulator, and
(b)the firm is, or the firm's immediate group includes, a PRA-authorised person,
the FCA must give the PRA a copy of the notice under sub-paragraph (4).]
(7)In this paragraph—
[F5“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the UCITS directive;]
“specified” means specified—
in rules made by the [F3appropriate UK regulator] to implement the UCITS directive, or
in any directly applicable Community regulation or decision made under the UCITS directive;
“UCITS home state rules” means requirements which are imposed by or under this Act so far as relating to matters falling within Article 19(3) and (4) of the UCITS directive.]
Textual Amendments
F2Sch. 3 paras. 15A-15C substituted for Sch. 3 para. 15A (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(33)(d)
F3Words in Sch. 3 para. 15A substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 4(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F4Sch. 3 para. 15A(6A) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 4(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F5Words in Sch. 3 para. 15A(7) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 4(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.