25 Individually recognised overseas collective investment schemes
Financial Services Act 2021 (2021 c 22) | Legislation

25  Individually recognised overseas collective investment schemes

(1)     The Financial Services and Markets Act 2000 is amended as follows.

(2)     Chapter 5 of Part 17 (recognised overseas schemes) is amended in accordance with subsections (3) to (5).

(3)     In section 272 (individually recognised overseas schemes)—

(a)     in subsection (1)—

(i)     in paragraph (a) omit the “and” at the end,

(ii)     before paragraph (d) insert—

“(ca)     does not have the benefit of section 271A, and”, and

(iii)     in paragraph (d), for “the following provisions of this section” substitute “subsections (2) to (15)”,

(b)     after that subsection insert—

“(1A)     For the purposes of subsection (1)(ca), a collective investment scheme has the benefit of section 271A if—

(a)     it is authorised under the law of a country or territory which is for the time being approved by regulations under section 271A, and

(b)     it falls within a description of schemes specified in the regulations.”, and

(c)     in subsection (5)(b) omit “, or could be,”.

(4)     In section 277 (requirement to notify the FCA of proposed alteration to recognised scheme)—

(a)     in subsection (1), at the end insert “which, if made, would be a material alteration”,

(b)     in subsection

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