Regulation 74 | The equivalence condition

(1)The equivalence condition is met if the fund meets condition A , B or C throughout the period of account.^F1

(2)Condition A is that the fund is recognised by the Financial Conduct Authority within the meaning of section ...... 272 of FISMA 2000.^F2F3F4

(3)Condition B is that the fund is a UCITS fund.

(4)Condition C is that the fund—^F5

(a)is constituted in another EEA state and authorised by the competent authority in that state to market to retail or professional investors, and^F5

(b)is required either by the competent authority in that state or by other binding arrangements to limit its borrowing and its exposure under derivative contracts and forward transactions to 100% of its net asset value.^F5

(5)In paragraph (4), the competent authority in an EEA state is the authority designated in accordance with Article 97 of Council Directive 2009/65/EC in relation to that fund.^F5