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Financial Services and Markets Act 2000
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Changes over time for: Section 261D
Version Superseded: 31/12/2020
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[F1261D.Authorisation orders [F2: authorised contractual schemes] U.K.
This section has no associated Explanatory Notes
(1)If, on an application under section [F3261C(1)(a)] in respect of a contractual scheme, the FCA—
(a)is satisfied that the scheme complies with the requirements set out in this section and section 261E,
(b)is satisfied that the scheme complies with the requirements of contractual scheme rules, and
(c)has been provided with a copy of the contractual scheme 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,
the FCA may make an order declaring the scheme to be an authorised contractual scheme.
(2)If the FCA makes an order under subsection (1), it must give written notice of the order to the applicants.
F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)The operator and the depositary must be persons who are independent of each other.
(5)The operator and the depositary must each be a body corporate incorporated in the United Kingdom or another EEA State, and the affairs of each must be administered in the country in which it is incorporated.
(6)The depositary must have a place of business in the United Kingdom, and the operator must have a place of business in the United Kingdom or in another EEA State.
(7)If the operator is incorporated in another EEA State, the scheme must not be one which satisfies the requirements prescribed for the purposes of section 264.
(8)The operator and the depositary must each be an authorised person, and the operator must have [F5such permission as may be necessary to act as operator] and the depositary must have permission to act as depositary.
(9)The operator must be a fit and proper person to manage the scheme to which the application relates.
(10)The name of the scheme must not be undesirable or misleading.
(11)The purposes of the scheme must be reasonably capable of being successfully carried into effect.]
Textual Amendments
F1Pt. XVII Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)
F2Words in s. 261D heading inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(11)(a)
F3Word in s. 261D(1) substituted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(11)(b)
F4S. 261D(3) omitted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by virtue of The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(11)(c)
F5Words in s. 261D(8) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 17
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