If, on an application under section 242(1)(a) in respect of a unit trust scheme, the FCA—
the FCA may make an order declaring the scheme to be an authorised unit trust scheme.
If the FCA makes an order under subsection (1), it must give written notice of the order to the applicant.
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The manager and the trustee must be persons who are independent of each other.
The manager and the trustee must each be a body corporate incorporated in the United Kingdom ..., and the affairs of each must be administered in the United Kingdom.
The manager and the trustee must each have a place of business in the United Kingdom.
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The manager and the trustee must each be an authorised person and the manager must have permission to act as manager and the trustee must have permission to act as trustee.
The manager must be a fit and proper person to manage the unit trust scheme to which the application relates.
The name of the scheme must not be undesirable or misleading.
The purposes of the scheme must be reasonably capable of being successfully carried into effect.
The participants must be entitled to have their units redeemed in accordance with the scheme at a price—
But a scheme is to be treated as complying with subsection (10) if it requires the manager to ensure that a participant is able to sell his units on an investment exchange at a price not significantly different from that mentioned in that subsection.