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 271C Approval of country: regulatory co-operation
This section also sets out a further restriction of HM Treasury exercising powers to make an equivalence determination under section 271A, specifically that HM Treasury may not approve a country or territory through section 271A unless it is satisfied that there are adequate arrangements for co-operation between the FCA and the overseas regulator. The arrangements may not have to be in place when an equivalence determination is made, but HM Treasury must be satisfied in that case that they will exist.
	Section 271C(2) then defines an ‘overseas regulator’ as the authority of the country or territory responsible for the authorisation and supervision of the schemes described in the equivalence determination in the country or territory.