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 271A Schemes authorised in approved countries
Section 271A(1)(a)-(e) sets out the conditions which must be met before an overseas collective investment scheme authorised in a country or territory outside the UK can be a "recognised scheme" under the OFR.
	Section 271A(1)(a) gives HM Treasury a power to approve countries or territories outside the UK subject to certain restrictions. "Approving" a country or territory means making an equivalence determination. The way HM Treasury will exercise the power to approve countries and territories is by regulations.
	Section 271A(1)(b) sets out that HM Treasury has the power to describe in the regulations the category or type of collective investment schemes that are within the scope of HM Treasury’s equivalence determination.
	Section 271A(1)(c)-(d) are concerned with the FCA’s role. Collective investment schemes, within an approved country or territory, and which fall within a category of scheme in the regulations approving that country or territory, must apply to the FCA for recognition of the scheme. If the FCA has made an order granting a scheme’s recognition, and has not revoked or suspended it, the collective investment scheme is a recognised scheme for the purposes of marketing into the UK pursuant to section 271A(1).
	Section 271A(2) explains that HM Treasury can consider any matter that they consider relevant when deciding whether to approve a country or territory, subject to the restrictions set out in sections 271B and 271C.