Applications for approval3
1
The Secretary of State may only approve a client money protection scheme for the purposes of regulations under section 133 of the 2016 Act if the Secretary of State considers—
a
that the provisions of the scheme and the manner in which it will be operated are satisfactory for those purposes; and
b
in particular, that the conditions in regulation 5(1) are satisfied.
2
An application to the Secretary of State for approval of a client money protection scheme must be—
a
made in writing; and
b
accompanied by information as to—
i
the provisions of the scheme and the manner in which it will be operated; and
ii
how the conditions in regulation 5(1) are satisfied.
3
The Secretary of State must notify the applicant of the decision on an application for approval in writing, giving reasons for any refusal.