Notice of intention to start marketing scheme constituted in another EEA State
42.—(1) Where—
(a)notice has been given in accordance with section 86(2) of the Financial Services Act by an operator of a scheme falling within section 86(1) of that Act;
(b)the scheme is a collective investment scheme constituted in another EEA State within the meaning of section 264(1) and satisfies the requirements prescribed under section 264(1)(a);
(c)either—
(i)no notice has been given by the Authority pursuant to section 86(2) of the Financial Services Act; or
(ii)a notice has been given by the Authority pursuant to section 86(2) but the period of 21 days for making representations referred to in section 86(5) of that Act has not expired before commencement; and
(d)the period of two months mentioned in section 86(2) of that Act has not elapsed before commencement,
the notice has effect after commencement as a notice given in accordance with section 264(1)(b).
(2) Where—
(a)notice has been given in accordance with section 86(2) of the Financial Services Act by an operator of a scheme falling within section 86(1) of that Act;
(b)the Authority has given notice pursuant to section 86(2) of the Financial Services Act (and has not withdrawn that notice);
(c)the period of 21 days for making representations referred to in section 86(5) of that Act has not expired before commencement,
the notice given by the Authority ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the operator of the scheme of that fact.
(3) Paragraph (2) does not affect the power of the Authority to serve a notice under section 264(2) in respect of a notice which has effect by virtue of paragraph (1).
(4) A notice having effect under paragraph (1) is treated for the purposes of section 264(2) as having been received on the date on which it was received for the purposes of section 86(2) of the Financial Services Act.