must be made in such manner as the F1FCA may direct; and

must contain or be accompanied by such information as the F1FCA may reasonably require for the purpose of determining the application.

is satisfied that the scheme complies with the requirements set out in this section,

is satisfied that the scheme complies with the requirements of the trust scheme rules, and

has been provided with a copy of the trust deed and a certificate signed by a solicitor to the effect that it complies with such of the requirements of this section or those rules as relate to its contents,

related to the net value of the property to which the units relate; and

determined in accordance with the scheme.

it must give each of the applicants a decision notice; and

either applicant may refer the matter to the Tribunal.

the constitution, management and operation of authorised unit trust schemes;

the powers, duties, rights and liabilities of the manager and trustee of any such scheme;

the rights and duties of the participants in any such scheme; and

the winding up of any such scheme.

as to the issue and redemption of the units under the scheme;

as to the expenses of the scheme and the means of meeting them;

for the appointment, removal, powers and duties of an auditor for the scheme;

for restricting or regulating the investment and borrowing powers exercisable in relation to the scheme;

requiring the keeping of records with respect to the transactions and financial position of the scheme and for the inspection of those records;

requiring the preparation of periodical reports with respect to the scheme and the provision of those reports to the participants and to the F1FCA; and

with respect to the amendment of the scheme.

a modification is made of the statutory provisions in force in F7the United Kingdom relating to companies,

the modification relates to the rights and duties of persons who hold the beneficial title to any shares in a company without also holding the legal title, and

it appears to the Treasury that, for the purpose of assimilating the law relating to authorised unit trust schemes to the law relating to companies as so modified, it is expedient to modify the rule-making powers conferred on the F1FCA by this section,

to submit scheme particulars to the F1FCA; and

to publish scheme particulars or make them available to the public on request.

which is contained in scheme particulars previously published or made available; and

whose inclusion in those particulars was required by the rules.

a significant new matter arises; and

the inclusion of information in respect of that matter would have been required in previous particulars if it had arisen when those particulars were prepared.

any untrue or misleading statement in the particulars; or

the omission from them of any matter required by the rules to be included.

has become or agreed to become a participant in the scheme; or

although not being a participant, has a beneficial interest in units in the scheme.

disqualify the auditor from being the auditor of any authorised unit trust scheme F10, authorised contractual scheme or authorised open-ended investment company;

publish a statement to the effect that it appears to the FCA that the auditor has failed to comply with the duty;

impose on the auditor a penalty, payable to the FCA, of such amount as the FCA considers appropriate.

trust scheme rules; or

scheme particulars rules.

are not to apply to him as respects a particular scheme; or

are to apply to him, as respects a particular scheme, with such modifications as may be specified in the direction.

are not to apply to the scheme; or

are to apply to the scheme with such modifications as may be specified in the direction.

F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

any reference to the F15person is to be read as a reference to the person mentioned in subsection (2); and

F16section 138B(3)(c) is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted.

F19subsection (4)(a) of section 138A is to be read as if the words “by the F20. . . person” were omitted;

F21section 138B(3)(c) and the definition of “immediate group” in section 421ZA as it applies to that section are to be read as if references to the F20. . . person were references to each of the manager and the trustee of the scheme;

F22section 138B(3)(c) is to be read, in relation to a participant of the scheme, as if the word “commercial” were omitted;

F23section 138B(5) is to be read as if the reference to the F20. . . person concerned were a reference to the scheme concerned and to its manager and trustee; and

F24section 138A(7) is to be read as if the reference to the F20. . . person were a reference to the manager and trustee of the scheme acting jointly.

to replace its trustee.

the F1FCA, by written notice, has given its approval to the proposal; or

one month, beginning with the date on which the notice was given, has expired without the manager or trustee having received from the F1FCA a warning notice under section 252 in respect of the proposal.

it must give him a decision notice; and

he may refer the matter to the Tribunal.

involves a change in the trust deed, and

will enable the scheme to convert into a UCITS which is not a feeder UCITS.

a certificate signed by a solicitor to the effect that the change will not affect the compliance of the deed with the trust scheme rules; and

the specified information.

written notice to the manager of the scheme that the F1FCA approves the proposed amendments to the trust deed, or

separate warning notices to the manager and trustee of the scheme that the F1FCA proposes to refuse approval of the proposed amendments.

it must give that person a decision notice; and

that person may refer the matter to the Tribunal.

the notice given under subsection (2) relates to a proposal to amend the trust deed of a feeder UCITS to enable it to convert into a UCITS which is not a feeder UCITS following the winding-up of its master UCITS; and

the proceeds of the winding-up are to be paid to the feeder UCITS before the date on which the feeder UCITS proposes to start investing in accordance with the new investment objectives and policy provided for in its amended trust deed and scheme rules.

specified in rules made by the F1FCA to implement the UCITS directive, or

specified in any directly applicable Community regulation or decision made under the UCITS directive.

one or more of the requirements for the making of the order are no longer satisfied;

the manager or trustee of the scheme concerned has contravened a requirement imposed on him by or under this Act;

the manager or trustee of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the F29FCA information which is false or misleading in a material particular;

no regulated activity is being carried on in relation to the scheme and the period of that inactivity began at least twelve months earlier; or

none of paragraphs (a) to (d) applies, but it is desirable to revoke the authorisation order in order to protect the interests of participants or potential participants in the scheme.

the scheme;

the manager or trustee;

any person employed by or associated with the manager or trustee in connection with the scheme;

any director of the manager or trustee;

any person exercising influence over the manager or trustee;

any body corporate in the same group as the manager or trustee;

any director of any such body corporate;

any person exercising influence over any such body corporate.

the public interest requires that any matter concerning the scheme should be investigated before a decision is taken as to whether the authorisation order should be revoked; or

revocation would not be in the interests of the participants or would be incompatible with F30an EU obligation.

one or more of the requirements for the making of an authorisation order are no longer satisfied;

the manager or trustee of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the F29FCA information which is false or misleading in a material particular; or

none of paragraphs (a) to (c) applies, but it is desirable to give a direction in order to protect the interests of participants or potential participants in such a scheme.

require the manager of the scheme to cease the issue or redemption, or both the issue and redemption, of units under the scheme;

require the manager and trustee of the scheme to wind it up.

in the case of revocation, that it is no longer necessary for the direction to take effect or continue in force;

in the case of variation, that the direction should take effect or continue in force in a different form.

removing the manager or the trustee, or both the manager and the trustee, of the scheme; and

replacing the person or persons removed with a suitable person or persons nominated by the F29FCA.

removing the manager or the trustee, or both the manager and the trustee, of the scheme; and

appointing an authorised person to wind up the scheme.

the High Court;

in Scotland, the Court of Session.

the F29FCA approves under section 283A the investment by the feeder UCITS of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in units of another UCITS or master UCITS; or

the F29FCA approves under section 252A an amendment of the trust deed of the feeder UCITS which would enable it to convert into a UCITS which is not a feeder UCITS.

merges with another UCITS, or

is divided into two or more UCITS.

the F29FCA approves under section 252A an amendment of the trust deed of the scheme which would enable it to convert into a UCITS which is not a feeder UCITS.

immediately, if the notice given under subsection (3) states that that is the case;

on such date as may be specified in the notice; or

if no date is specified in the notice, when the matter to which it relates is no longer open to review.

give details of the direction;

inform the person to whom it is given of when the direction takes effect;

state the F29FCA's reasons for giving the direction and for its determination as to when the direction takes effect;

inform the person to whom it is given that he may make representations to the F29FCA within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and

inform him of his right to refer the matter to the Tribunal.

a specified date; or

a further direction.

by a date specified in the notice; or

if no date is specified, as soon as practicable.

to give the direction in the way proposed, or

if it has been given, not to revoke the direction,

not to give the direction in the way proposed,

to give the direction in a way other than that proposed, or

to revoke a direction which has effect,

to vary the direction otherwise than in accordance with the application, or

to refuse to revoke or vary the direction,

it must give the applicant a decision notice; and

the applicant may refer the matter to the Tribunal.

any failure of which the F29FCA becomes aware by the master UCITS to comply with a provision made in implementation of Chapter VIII of the UCITS directive;

any warning notice or decision notice given to the master UCITS in relation to a contravention of any provision made in implementation of Chapter VIII of the UCITS directive by or under any enactment or in rules of the F29FCA;

any information reported to the F29FCA pursuant to rules of the F29FCA made to implement Article 106(1) of the UCITS directive which relates to the master UCITS, or to one or more of its directors, or its management company, trustee, depositary or auditor.

any failure by the EEAUCITS to comply with any requirement in Chapter VIII of the UCITS directive;

any decision or measure imposed on the EEAUCITS under provisions implementing Chapter VIII of the UCITS directive;

any information reported to the home state regulator pursuant to Article 106(1) of the UCITS directive relating to the EEAUCITS, its operator, depositary or auditor.