Regulation 78 | Procedure for obtaining clearance

(1)The relevant person specified in regulation 77 (the “relevant person”) must apply in writing to HMRC for clearance that the fund meets the equivalence condition and the genuine diversity of ownership condition.

(2)A document submitted in accordance with paragraph (1) must be accompanied by the documents specified in regulation 75(2).

(3)HMRC may require the relevant person to provide further particulars if HMRC believe that full particulars of the fund have not been provided.

(4)HMRC must notify the relevant person within 28 days beginning with the day on which HMRC receive the documents mentioned in paragraphs (1) and (2) (or, as the case may be, the further particulars mentioned in paragraph (3))—

(a)giving clearance that the fund meets the equivalence condition and the genuine diversity of ownership condition,

(b)giving that clearance subject to conditions, or

(c)refusing to give that clearance.