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Authorisation of non-UCITS common contractual funds.
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8.—(1) The Bank shall authorise a common contractual fund if, but only if—
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(a) the Bank is satisfied that—
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(i) the competence of the management company and custodian in respect of matters of the kind with which they would be concerned in relation to a common contractual fund, and
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(ii) their probity,
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are such as to render them suitable to act as management company and custodian respectively, under the common contractual fund,
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(b) the management company of the common contractual fund—
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(i) is a body corporate that has its registered office and head office in the State, and
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(ii) has, in the opinion of the Bank, sufficient financial resources at its disposal to enable it to conduct its business effectively and meet its liabilities,
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(c) the custodian of the common contractual fund—
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(i) either has its registered office in the State or has established a place of business in the State if its registered office is in another Member State,
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(ii) has, in the opinion of the Bank, sufficient financial resources at its disposal to enable it to conduct its business effectively and meet its liabilities, and
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(iii) can satisfy the Bank that it has the appropriate expertise and experience to perform its functions under this Part,
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(d) the Bank is satisfied that the common contractual fund is organised such that the effective control over the affairs of the management company and of the custodian of the common contractual fund will be exercised independently of one another,
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(e) the Bank has approved the deed of constitution and the deed of constitution contains a covenant providing that the common contractual fund will be carried on in compliance with the provisions of this Act,
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(f) a copy of the deed of constitution is deposited with the Bank, and
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(g) the name of the common contractual fund is not, in the opinion of the Bank, undesirable.
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(2) An application for authorisation of a common contractual fund shall be made in writing jointly by the proposed management company and custodian of the proposed common contractual fund and shall contain such information as the Bank may specify for the purpose of determining the application (including such additional information as the Bank may specify in the course of determining the application).
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(3) The authorisation of a common contractual fund by the Bank shall not constitute a warranty by the Bank as to the performance of the common contractual fund and the Bank shall not be liable for the performance or default of the common contractual fund.
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