When considering whether to make, vary or revoke regulations under section 271A approving a country or territory and specifying a description of collective investment scheme, the Treasury may ask the FCA to prepare a report on—
the law and practice of the country or territory under which such schemes are authorised and supervised, or particular aspects of such law and practice, and
any existing or proposed arrangements for co-operation between the FCA and the overseas regulator.
A request for a report under subsection (1) must be made in writing.
If the Treasury ask for a report under subsection (1), the FCA must provide the Treasury with the report.
In this section, "the overseas regulator" has the same meaning as in section 271C.