Schedule 9: Collective investment schemes authorised in approved countries Part 1: Provisions to be inserted in Chapter 5 of Part 17 of the Financial Services and Markets Act 2000 271H Procedure when determining an application
This sets out the procedure the FCA must follow when determining an application for recognition, including issuing a written notice if recognition is granted or a warning notice within a two month period, as set out in 271G(5) if it is proposing to refuse an application under section 271A. If after giving a warning notice, the FCA decides to refuse an application, it must give the applicant a decision notice.
	Section 271H also allows for an applicant to go the Upper Tribunal if it receives a decision notice from the FCA indicating that its application has been refused. This is with the exception of when the FCA has refused an application on the grounds that the scheme is not authorised in an approved country or territory or that there are not adequate arrangements for co-operation between the FCA and overseas regulator.