PART 6Temporary recognition for purposes of Part 17 of the 2000 Act
The appropriate conditionsI163
1
In relation to a stand-alone scheme, the appropriate conditions referred to in paragraph 62 are—
a
that the operator of the stand-alone scheme has before F1IP completion day notified the FCA in accordance with regulation 64 that it wishes the scheme to be treated in accordance with regulation 62, and
2
In relation to a sub-fund which is authorised by its home state regulator before F1IP completion day, the appropriate conditions referred to in paragraph 62 are—
a
that the operator of the sub-fund has before F1IP completion day notified the FCA in accordance with regulation 64 that it wishes the sub-fund to be treated in accordance with regulation 62, and
b
that immediately before F1IP completion day the sub-fund is the sub-fund of a EEA UCITS and is a recognised scheme by virtue of section 264 of the 2000 Act.
3
In relation to a sub-fund not falling within paragraph (2), the appropriate conditions referred to in paragraph 62 are—
a
that the sub-fund (“the new sub-fund”) becomes authorised by its home state regulator on or after F1IP completion day,
b
that at the time when the new sub-fund becomes authorised by its home state regulator at least one other sub-fund of the new sub-fund's umbrella scheme is a recognised scheme by virtue of regulation 62,
c
that, after the new sub-fund becomes authorised by its home state regulator and while at least one other sub-fund of the umbrella scheme continues to be so authorised, the operator of the new sub-fund has notified the FCA in accordance with regulation 64 that it wishes the new sub-fund also to be treated in accordance with regulation 62, and
d
that the notification is given before the start of the period specified by the FCA under regulation 68 in relation to the new sub-fund's umbrella scheme.