PART II FORMATION, SUPERVISION AND CONTROL

Authorisation

Applications for authorisation12

1

Any application for an authorisation order in respect of a proposed open-ended investment company—

a

must be made in such manner as the Authority may direct;

b

must state with respect to each person proposed in the application as a director of the company the particulars set out in regulation 13;

c

must state the corporate name and registered or principal office of the person proposed in the application as depositary of the company; and

d

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

2

At any time after receiving an application and before determining it the Authority may require the applicant to furnish additional information.

3

Different directions may be given and different requirements imposed in relation to different applications.

4

Any information to be furnished to the Authority under this regulation must be in such form or verified in such manner as it may specify.

5

A person commits an offence if—

a

for the purposes of or in connection with any application under this regulation; or

b

in purported compliance with any requirement imposed on him by or under this regulation;

he furnishes information which he knows to be false or misleading in a material particular or recklessly furnishes information which is false or misleading in a material particular.

6

A person guilty of an offence under paragraph (5) is liable—

a

on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both;

b

on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding the statutory maximum or to both.