{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-242",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-242.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "section/242",
  "kind": "section",
  "number": "242",
  "heading": "Applications for authorisation of unit trust schemes.",
  "text": "(1) The manager and trustee, or proposed manager and trustee, of a unit trust scheme may apply to the FCA for—\n(a) an order declaring the scheme to be an authorised unit trust scheme;\n(b) an order declaring the scheme to be an authorised money market fund.\n(2) The manager and trustee (or proposed manager and trustee) must be different persons.\n(3) An application —\n(a) must be made in such manner as the FCA may direct; and\n(b) must contain or be accompanied by such information as the FCA may reasonably require for the purpose of determining the application.\n(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.\n(5) Different directions may be given, and different requirements imposed, in relation to different applications.\n(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.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 242 extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 39(1) (with art. 23(2))"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/section/242",
    "retrieved_at": "2026-10-29T09:21:21.899993+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}