These Regulations are made in exercise of the powers conferred by section 271A of the Financial Services and Markets Act 2000 (c. 8). This provides that the Treasury may approve a country or territory in relation to a specified description of collective investment scheme which is authorised in a country or territory outside the United Kingdom. These schemes are then considered to be recognised schemes once certain conditions are met, including that the operator of the scheme has applied to the Financial Conduct Authority (the “FCA”) for recognition of the scheme and the FCA has made an order granting the application.