PART II FORMATION, SUPERVISION AND CONTROL
Authorisation
Requirements for authorisation15
1
The requirements referred to in regulation 14(1)(a) F5and 14(1A)(b) are as follows.
2
The company and its instrument of incorporation must comply with the requirements of these regulations and F2FCA rules.
3
The head office of the company must be situated F1in England and Wales (or Wales), in Scotland or in Northern Ireland.
4
The company must have at least one director.
5
The directors of the company must be fit and proper persons to act as such.
F36
If the company has only one director, that director must be a body corporate which is an authorised person and which has a Part 4A permission to carry on the regulated activity of managing a UCITS or, as the case may be, managing an AIF.
7
If the company has two or more directors, the combination of their experience and expertise must be such as is appropriate for the purposes of carrying on the business of the company.
8
The person appointed as the depositary of the company—
a
must be a body corporate incorporated in the United Kingdom or another EEA State;
b
must have a place of business in the United Kingdom;
c
must have its affairs administered in the country in which it is incorporated;
d
must be an authorised person;
e
must have permission under Part IV of the Act to act as the depositary of an open-ended investment company F4that is a UCITS or, as the case may be, of an open-ended investment company that is an AIF; and
f
must be independent of the company and of the persons appointed as directors of the company.
9
The name of the company must not be undesirable or misleading.
10
The aims of the company must be reasonably capable of being achieved.
11
The company must meet one or both of the following requirements—
a
shareholders are entitled to have their shares redeemed or repurchased upon request at a price related to the net value of the scheme property and determined in accordance with the company’s instrument of incorporation and F2FCA rules; or
b
shareholders are entitled to sell their shares on an investment exchange at a price not significantly different from that mentioned in sub-paragraph (a).