Financial Services and Markets Act 2000

Application for approval to manage UCITS U.K.

[F1 15A (1) An EEA firm falling within paragraph 5(f) which wishes to manage a UK UCITS must apply to the [F2 appropriate 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 [F2 appropriate 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 [F2 appropriate UK regulator] must give a notice to the EEA firm, the firm's home state regulator and the Commission of the [F2 appropriate UK regulator's] determination under sub-paragraph (2).

(5) Before giving a notice under sub-paragraph (4), the [F2 appropriate UK regulator] must consult the home state regulator of the firm.

(6) A notice given by the [F2 appropriate UK regulator] under sub-paragraph (4) must—

(a) give the [F2 appropriate 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 [F2 appropriate UK regulator].

[F3 (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—

• [F4 “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—

  (a)

  in rules made by the [F2 appropriate UK regulator] to implement the UCITS directive, or

  (b)

  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

F1 Sch. 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)

F2 Words 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.

F3 Sch. 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.

F4 Words 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.