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Section 242 Applications for authorisation of unit trust schemes.C1I1

United Kingdom

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 FCA may reasonably require for the purpose of determining the application.

(4)

At any time after receiving an application and before determining it, the FCA 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 FCA 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 FCA may direct.

Annotations

Textual amendments

F1

S. 242(1) substituted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(5)(a)

F2

Words in s. 242(3) substituted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(5)(b)

F3

Word in ss. 242-252A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications

C1

S. 242 extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 39(1) (with art. 23(2))

Commencement

I1

S. 242 wholly in force at 1.12.2001; s. 242 not in force at Royal Assent see s. 431(2); s. 242(3) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 242 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 242 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

Notes on Part XVII

Modifications

C1

Pt. 17 modified (20.2.2019) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(3), 62 (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 12(b))