(1) The
FSA
requires an application for authorisation of an ICVC to be made jointly by the ACD and depositary, both of which must be:(b) independent of each other (see
COLL 6.9.2 G (Independence of depositaries and scheme operators) which provides
guidance on independence).
(4) A
fee is payable and must be submitted with the application (see
FEES 3 Annex 2 R (Application and notification fees payable in relation to collective investment schemes)).
(5) The following items must be provided with the application: (c) a copy of the
prospectus, with a checklist indicating the location of the information required by
COLL to be contained in it;
(e) if applicable,
documents evidencing any guarantee arrangement.
(6) The name of the
ICVC must not be undesirable or misleading and must not be the same as that of an existing company. Regulation 19 includes a list of words and expressions that are prohibited from inclusion within the name of an
ICVC and further
guidance can be found in
COLL 6.9 (Independence, names and UCITS business restrictions). As with an
AUT, the aim of the
ICVC must be reasonably capable of being achieved.
(7) As with an AUT, the
FSA
has:(b) in the case of any other proposed
scheme up to 6
months;
to determine a completed application, but aims to process 75% of applications for
UCITS schemes within six weeks. If the
FSA
is satisfied with the application, an
authorisation order is issued. The
ICVC becomes incorporated when the
authorisation order is issued.