[283A Master-feeder structures]
[283A Master-feeder structures]

[(1)     The operator of a UK UCITS may not invest a higher proportion of the property which is subject to the collective investment scheme constituted by that UCITS in units of another UCITS than is permitted by rules made by the [FCA] implementing Article 55 of the UCITS directive [rule 5.2.11(9) of the Collective Investment Schemes sourcebook] unless the investment is approved by the [FCA] in accordance with this section.

(2)     An application for approval under subsection (1) of an investment must be made by the operator of the UK UCITS in such manner, and accompanied by such information, as is required by rules made by the [FCA].

(3)     The [FCA] must grant an application made under subsection (2) if it is satisfied—

(a)     that the UCITS [that the UK UCITS], its operator, trustee or depositary and auditor and the UCITS in which it proposes to invest, and its operator, have complied with—