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SCHEDULE 5
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PERSONS CONCERNED IN COLLECTIVE INVESTMENT SCHEMES |
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Authorisation of UCITS etc |
| | 1. - (1) A person who for the time being is an operator, trustee or depositary of a collective investment scheme-
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(a) seeking to carry on a regulated activity in the United Kingdom, and |
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(b) satisfying the conditions set out in sub-paragraph (2), |
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qualifies for authorisation.
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(2) The conditions are-
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(i) an undertaking for collective investment in transferable securities within the meaning of the UCITS Directive; or
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(ii) an open-ended investment company; and
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(b) such additional conditions as may be prescribed. |
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Permission |
| | 2. - (1) A person qualifying for authorisation under paragraph 1 ("a UCITS qualifier") has permission to carry on, so far as it is a regulated activity-
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(a) any activity, in relation to the scheme, of the kind described in paragraph 8 of Schedule 2; |
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(b) any activity in connection with, or for the purposes of, the scheme. |
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(2) A UCITS qualifier must be issued by the Authority with a certificate of authorisation.
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(3) Section 48 applies to certificates of authorisation given under this paragraph as it applies to certificates of authorisation given under that section.
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