If, on an application under section 261C(1)(a) in respect of a contractual scheme, the FCA—
the FCA may make an order declaring the scheme to be an authorised contractual scheme.
If the FCA makes an order under subsection (1), it must give written notice of the order to the applicants.
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The operator and the depositary must be persons who are independent of each other.
The operator and the depositary must each be a body corporate incorporated in the United Kingdom ..., and the affairs of each must be administered in the United Kingdom.
The operator and the depositary must each have a place of business in the United Kingdom.
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The operator and the depositary must each be an authorised person, and the operator must have such permission as may be necessary to act as operator and the depositary must have permission to act as depositary.
The operator must be a fit and proper person to manage the 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.