# Financial Services and Markets Act 2000, Section 242: Applications for authorisation of unit trust schemes.

Extent: E+W+S+N.I.

(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) An application —
(a) must be made in such manner as the FCA 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.

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Source: https://www.legislation.gov.uk/ukpga/2000/8/section/242 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/section-242
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.