Financial Services and Markets Act 2000

[F1261U.Revocation of authorisation order otherwise than by consentU.K.
This section has no associated Explanatory Notes

(1)An authorisation order may be revoked by an order made by the FCA if it appears to the FCA that—

(a)one or more of the requirements for the making of the order are no longer satisfied;

(b)the operator or depositary of the scheme concerned has contravened a requirement imposed on the operator or depositary by or under this Act;

(c)the operator or depositary of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the FCA information which is false or misleading in a material particular;

(d)no regulated activity is being carried on in relation to the scheme and the period of that inactivity began at least twelve months earlier; or

(e)none of paragraphs (a) to (d) applies, but it is desirable to revoke the authorisation order in order to protect the interests of participants or potential participants in the scheme.

(2)For the purposes of subsection (1)(e), the FCA may take into account any matter relating to—

(a)the scheme;

(b)the operator or depositary;

(c)any person employed by or associated with the operator or depositary in connection with the scheme;

(d)any director of the operator or depositary;

(e)any person exercising influence over the operator or depositary;

(f)any body corporate in the same group as the operator or depositary;

(g)any director of any such body corporate;

(h)any person exercising influence over any such body corporate.]

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