(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) . . .
(c) . . .
[(ca) does not have the benefit of section 271A, and]
(d) appears to the [FCA] to satisfy the requirements set out in the following provisions of this section [subsections (2) to (15)],
make an order declaring the scheme to be a recognised scheme.
[(1A) For the purposes of subsection (1)(ca), a collective investment scheme has the benefit of section 271A if—
(a) it is authorised under the law of a country or territory which is for the time being approved by regulations under section 271A, and
(b) it falls within a
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