Part XVII Collective Investment Schemes

Chapter V Recognised Overseas Schemes

Schemes constituted in other EEA States

264 Schemes constituted in other EEA States.

(1)

A collective investment scheme constituted in another EEA State is a recognised scheme if—

(a)

it satisfies such requirements as are prescribed for the purposes of this section;F1. . .

F2(b)

the home state regulator of the operator of the scheme has transmitted to the F3FCA notice of the operator's intention to invite persons in the United Kingdom to participate in the scheme; and

(c)

the notice from the home state regulator—

(i)

complies with the requirements of any directly applicable Community regulation or decision made under the UCITS directive, and

(ii)

is accompanied by such other information as may be prescribed.

(2)

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

For the purposes of this section a collective investment scheme is constituted in another EEA State F5(“the home state”) if—

(a)

it is constituted under the law of F6the home state by a contract or under a trust and is managed by a body corporate incorporated under F7the law of any EEA State; or

(b)

it takes the form of an open-ended investment company incorporated under F8the law of the home state.

(6)

The operator of a recognised scheme may give written notice to the F3FCA that he desires the scheme to be no longer recognised by virtue of this section.

(7)

On the giving of notice under subsection (6), the scheme ceases to be a recognised scheme.