[F1(1)The manager and trustee, or proposed manager and trustee, of a unit trust scheme may apply to the FCA for—

(a)an order declaring the scheme to be an authorised unit trust scheme;

(b)an order declaring the scheme to be an authorised money market fund.]

(2)The manager and trustee (or proposed manager and trustee) must be different persons.

(3)[F2An application] —

(a)must be made in such manner as the [F3FCA] may direct; and

(b)must contain or be accompanied by such information as the [F3FCA] may reasonably require for the purpose of determining the application.

(4)At any time after receiving an application and before determining it, the [F3FCA] may require the applicants to provide it with such further information as it reasonably considers necessary to enable it to determine the application.

(5)Different directions may be given, and different requirements imposed, in relation to different applications.

(6)The [F3FCA] may require applicants to present information which they are required to give under this section in such form, or to verify it in such a way, as the [F3FCA] may direct.

243 Authorisation orders [F4: authorised unit trust schemes].U.K.

(1)If, on an application under section [F5242(1)(a)] in respect of a unit trust scheme, the [F3FCA]—

(a)is satisfied that the scheme complies with the requirements set out in this section,

(b)is satisfied that the scheme complies with the requirements of the trust scheme rules, and

(c)has been provided with a copy of the trust 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 [F3FCA] may make an order declaring the scheme to be an authorised unit trust scheme.

(2)If the [F3FCA] makes an order under subsection (1), it must give written notice of the order to the applicant.

F6(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)The manager and the trustee must be persons who are independent of each other.

[F7(5)The manager and the trustee must each be a body corporate incorporated in the United Kingdom F8..., and the affairs of each must be administered in the [F9United Kingdom].]

[F10(5A)The manager and the trustee must each have a place of business in the United Kingdom.]

F11(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)The manager and the trustee must each be an authorised person and the manager must have permission to act as manager and the trustee must have permission to act as trustee.

[F12(7A)The manager must be a fit and proper person to manage the unit trust scheme to which the application relates.]

(8)The name of the scheme must not be undesirable or misleading.

(9)The purposes of the scheme must be reasonably capable of being successfully carried into effect.

(10)The participants must be entitled to have their units redeemed in accordance with the scheme at a price—

(a)related to the net value of the property to which the units relate; and

(b)determined in accordance with the scheme.

(11)But a scheme is to be treated as complying with subsection (10) if it requires the manager to ensure that a participant is able to sell his units on an investment exchange at a price not significantly different from that mentioned in that subsection.

[F13243AAuthorisation orders: authorised money market fundsU.K.

(1)If, on an application under section 242(1)(b) in respect of a unit trust scheme, conditions A and B are met the FCA may make an order declaring the scheme to be an authorised money market fund.

(2)Condition A is that the FCA is satisfied that the scheme will be able to comply with the requirements imposed on a money market fund under the MMF Regulation.

(3)Condition B is that—

(a)the scheme is an authorised unit trust scheme, or

(b)the scheme—

(i)is the subject of an application under section 242(1)(a), and

(ii)the conditions in section 243(1)(a) to (c) are met in relation to that application.

(4)If the FCA makes an order under subsection (1), it must give written notice of the order to the applicant.

(5)In this Chapter “authorisation order” means—

(a)an order under section 243(1), or

(b)an order under subsection (1) of this section.]

(1)[F14Subject to subsection (1A),] An application under section [F15242(1)(a)] must be determined by the [F3FCA] before the end of the period of six months beginning with the date on which it receives the completed application.

[F16(1A)An application under [F17section 242(1)(a) in respect of a unit trust scheme which is a UCITS, or an application under section 242(1)(b),] must be determined by the [F3FCA] before the end of two months beginning with the date on which it receives the application.]

(2)The [F3FCA] may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.

(3)The applicant may withdraw his application, by giving the [F3FCA] written notice, at any time before the [F3FCA] determines it.