Regulation 77 | Who may apply for clearance

(1)The following may apply for clearance that the fund meets the equivalence condition and the genuine diversity of ownership condition—

(a)the manager of an eligible offshore fund;

(b)the manager of a non-reporting fund who makes an application under regulation 52.

(2)If it is proposed to establish an offshore fund which, on its establishment, is to be an eligible offshore fund, the applicant may apply for clearance that the fund will meet the equivalence condition and the genuine diversity of ownership condition on its establishment.