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SCHEDULE 5
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PERSONS CONCERNED IN COLLECTIVE INVESTMENT SCHEMES |
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Authorisation |
| | 1. - (1) A person who for the time being is an operator, trustee or depositary of a recognised collective investment scheme seeking to carry on a regulated activity in the United Kingdom qualifies for authorisation.
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(2) "Recognised" means recognised by virtue of section 235.
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(3) An operator of an authorised open-ended investment company qualifies for authorisation.
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(4) A person who qualifies for authorisation under this paragraph is referred to in this Act as "a Part XVI qualifier".
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Permission |
| | 2. - (1) A person qualifying for authorisation under paragraph 1(1) 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 person qualifying for authorisation under paragraph 1(3) has permission to carry on, so far as it is a regulated activity-
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(a) the operation of the scheme; |
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(b) any activity in connection with, or for the purposes of, the operation of the scheme. |
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(3) A person qualifying for authorisation under paragraph 1(1) must be issued by the Authority with a certificate of authorisation.
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(4) Section 48 applies to certificates of authorisation issued under this paragraph as it applies to certificates of authorisation issued under that section.
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