Application for approval to manage UCITSU.K.
[F115A(1)An EEA firm falling within paragraph 5(f) which wishes to manage a UK UCITS must apply to the [F2appropriate 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 [F2appropriate 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 [F2appropriate UK regulator] must give a notice to the EEA firm, the firm's home state regulator and the Commission of the [F2appropriate UK regulator's] determination under sub-paragraph (2).
(5)Before giving a notice under sub-paragraph (4), the [F2appropriate UK regulator] must consult the home state regulator of the firm.
(6)A notice given by the [F2appropriate UK regulator] under sub-paragraph (4) must—
(a)give the [F2appropriate 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 [F2appropriate 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 [F2appropriate 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
F1Sch. 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)
F2Words 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.
F3Sch. 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.
F4Words 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.