(1) The [FCA] may, on the application of the operator of a collective investment scheme which—
(a) is managed in a country or territory outside the United Kingdom, [and]
(b) does not satisfy the requirements prescribed for the purposes of section 264, [and]
(c) . . .
(d) appears to the [FCA] to satisfy the requirements set out in the following provisions of this section,
make an order declaring the scheme to be a recognised scheme.
(2) Adequate protection must be afforded to participants in the scheme.
(3) The arrangements for the scheme's constitution and management must be adequate.
(4) The powers and duties of the operator and, if the scheme has a trustee or depositary, of the trustee or depositary must be adequate.
(5) In deciding whether the matters mentioned in subsection (3) or (4) are adequate, the [FCA] must have regard to—
(a) any rule of law, and
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