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Financial Services and Markets Act 2000

Status:

Point in time view as at 28/09/2018.

Changes to legislation:

Financial Services and Markets Act 2000, Chapter V is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Chapter VU.K. Recognised Overseas Schemes

Schemes constituted in other EEA StatesU.K.

264 Schemes constituted in other EEA States.U.K.

(1)A collective investment scheme constituted in another EEA State is a recognised scheme if—

(a)it satisfies such requirements as are prescribed for the purposes of this section;F1. . .

[F2(b)the home state regulator of the operator of the scheme has transmitted to the [F3FCA] notice of the operator's intention to invite persons in the United Kingdom to participate in the scheme; and

(c)the notice from the home state regulator—

(i) complies with the requirements of any directly applicable Community regulation or decision made under the UCITS directive, and

(ii)is accompanied by such other information as may be prescribed.]

(2)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)For the purposes of this section a collective investment scheme is constituted in another EEA State [F5(“the home state”)] if—

(a)it is constituted under the law of [F6the home state] by a contract or under a trust and is managed by a body corporate incorporated under [F7the law of any EEA State]; or

(b)it takes the form of an open-ended investment company incorporated under [F8the law of the home state].

(6)The operator of a recognised scheme may give written notice to the [F3FCA] that he desires the scheme to be no longer recognised by virtue of this section.

(7)On the giving of notice under subsection (6), the scheme ceases to be a recognised scheme.

Textual Amendments

F1Word in s. 264(1)(a) omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(24)(a)

F2S. 264(1)(b)(c) substituted for s. 264(1)(b) (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(24)(b)

F4s. 264(2)(3)(4) omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(24)(c)

Modifications etc. (not altering text)

C1S. 264 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 66(1); S.I. 2001/3538, art. 2(1)

C2S. 264 applied (with modifications) by S.I. 2001/3084, art. 3A (as inserted (24.8.2012) by The Financial Services and Markets Act 2000 (Gibraltar) (Amendment) Order 2012 (S.I. 2012/2017), arts. 1, 2(3))

Commencement Information

I1S. 264 wholly in force at 1.12.2001; s. 264 not in force at Royal Assent see s. 431(2); s. 264(1)(3)(c) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 264 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 264 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

265 Representations and references to the Tribunal.U.K.

F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9S. 265 omitted (1.7.2011) by virtue of The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(25)

266 Disapplication of rules.U.K.

(1)Apart from—

(a)financial promotion rules, and

(b)rules under section 283(1),

rules made by the [F10FCA] under this Act do not apply to the operator, trustee or depositary of a scheme in relation to the carrying on by him of regulated activities for which he has permission in that capacity.

[F11(1A)But subsection (1) does not affect the application of rules to an operator of a scheme if the operator is an EEA firm falling within paragraph 5(f) of Schedule 3 who qualifies for authorisation under that Schedule.]

(2)“Scheme” means a scheme which is a recognised scheme by virtue of section 264.

Textual Amendments

267 Power of [F12FCA] to suspend promotion of scheme.U.K.

(1)Subsection (2) applies if it appears to the [F13FCA] that the operator of a scheme has communicated an invitation or inducement in relation to the scheme in a manner contrary to financial promotion rules.

(2)The [F14FCA] may direct that—

(a)the exemption from subsection (1) of section 238 provided by subsection (4)(c) of that section is not to apply in relation to the scheme; and

(b)subsection (5) of that section does not apply with respect to things done in relation to the scheme.

(3)A direction under subsection (2) has effect—

(a)for a specified period;

(b)until the occurrence of a specified event; or

(c)until specified conditions are complied with.

(4)The [F15FCA] may, either on its own initiative or on the application of the operator of the scheme concerned, vary a direction given under subsection (2) if it appears to the [F15FCA] that the direction should take effect or continue in force in a different form.

(5)The [F16FCA] may, either on its own initiative or on the application of the operator of the recognised scheme concerned, revoke a direction given under subsection (2) if it appears to the [F16FCA]—

(a)that the conditions specified in the direction have been complied with; or

(b)that it is no longer necessary for the direction to take effect or continue in force.

(6)If an event is specified, the direction ceases to have effect (unless revoked earlier) on the occurrence of that event.

(7)For the purposes of this section and sections 268 and 269—

(a)the scheme’s home State is the EEA State in which the scheme is constituted (within the meaning given by section 264);

(b)the competent authorities in the scheme’s home State are the authorities in that State who are responsible for the authorisation of collective investment schemes.

(8)“Scheme” means a scheme which is a recognised scheme by virtue of section 264.

(9)“Specified”, in relation to a direction, means specified in it.

Textual Amendments

F12Word in s. 267 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

268 Procedure on giving directions under section 267 and varying them on [F17FCA's] own initiative.U.K.

(1)A direction under section 267 takes effect—

(a)immediately, if the notice given under subsection (3)(a) states that that is the case;

(b)on such date as may be specified in the notice; or

(c)if no date is specified in the notice, when the matter to which it relates is no longer open to review.

(2)A direction may be expressed to take effect immediately (or on a specified date) only if the [F18FCA], having regard to its reasons for exercising its power under section 267, considers that it is necessary for the direction to take effect immediately (or on that date).

(3)If [F19the FCA] proposes to give a direction under section 267, or gives such a direction with immediate effect, it must—

(a)give the operator of the scheme concerned written notice; and

(b)inform the competent authorities in the scheme’s home State of its proposal or (as the case may be) of the direction.

(4)The notice must—

(a)give details of the direction;

(b)inform the operator of when the direction takes effect;

(c)state the [F20FCA's] reasons for giving the direction and for its determination as to when the direction takes effect;

(d)inform the operator that he may make representations to the [F21FCA] within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and

(e)inform him of his right to refer the matter to the Tribunal.

(5)The [F22FCA] may extend the period allowed under the notice for making representations.

(6)Subsection (7) applies if, having considered any representations made by the operator, the [F23FCA] decides—

(a)to give the direction in the way proposed, or

(b)if it has been given, not to revoke the direction.

(7)[F24The FCA] must—

(a)give the operator of the scheme concerned written notice; and

(b)inform the competent authorities in the scheme’s home State of the direction.

(8)Subsection (9) applies if, having considered any representations made by a person to whom the notice was given, the [F25FCA] decides—

(a)not to give the direction in the way proposed,

(b)to give the direction in a way other than that proposed, or

(c)to revoke a direction which has effect.

(9)[F26The FCA] must—

(a)give the operator of the scheme concerned written notice; and

(b)inform the competent authorities in the scheme’s home State of its decision.

(10)A notice given under subsection (7)(a) must inform the operator of his right to refer the matter to the Tribunal.

(11)A notice under subsection (9)(a) given as a result of subsection (8)(b) must comply with subsection (4).

(12)If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.

(13)This section applies to the variation of a direction on the [F27FCA's] own initiative as it applies to the giving of a direction.

(14)For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).

Textual Amendments

F17Word in s. 268 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(i) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F20Word in s. 268(4)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F21Word in s. 268(4)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 14(d) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

269 Procedure on application for variation or revocation of direction.U.K.

(1)If, on an application under subsection (4) or (5) of section 267, the [F28FCA] proposes—

(a)to vary a direction otherwise than in accordance with the application, or

(b)to refuse the application,

it must give the operator of the scheme concerned a warning notice.

(2)If, on such an application, the [F29FCA] decides—

(a)to vary a direction otherwise than in accordance with the application, or

(b)to refuse the application,

it must give the operator of the scheme concerned a decision notice.

(3)If the application is refused, the operator of the scheme may refer the matter to the Tribunal.

(4)If, on such an application, the [F30FCA] decides to grant the application it must give the operator of the scheme concerned written notice.

(5)If the [F31FCA] decides on its own initiative to revoke a direction given under section 267 it must give the operator of the scheme concerned written notice.

(6)[F32The FCA] must inform the competent authorities in the scheme’s home State of any notice given under this section.

Textual Amendments

F33...U.K.

Textual Amendments

F33Ss. 270, 271 and crossheading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 18

F33270 Schemes authorised in designated countries or territories.U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F33271 Procedure.U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Individually recognised overseas schemesU.K.

272 Individually recognised overseas schemes.U.K.

(1)The [F34FCA] may, on the application of the operator of a collective investment scheme which—

(a)is managed in a country or territory outside the United Kingdom,

(b)does not satisfy the requirements prescribed for the purposes of section 264, [F35and]

F36(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)appears to the [F34FCA] to satisfy the requirements set out in the following provisions of this section,

make an order declaring the scheme to be a recognised scheme.

(2)Adequate protection must be afforded to participants in the scheme.

(3)The arrangements for the scheme’s constitution and management must be adequate.

(4)The powers and duties of the operator and, if the scheme has a trustee or depositary, of the trustee or depositary must be adequate.

(5)In deciding whether the matters mentioned in subsection (3) or (4) are adequate, the [F34FCA] must have regard to—

(a)any rule of law, and

(b)any matters which are, or could be, the subject of rules,

applicable in relation to comparable authorised schemes.

(6)“Comparable authorised schemes” means whichever of the following the [F34FCA] considers the most appropriate, having regard to the nature of scheme in respect of which the application is made—

(a)authorised unit trust schemes;

[F37(aa)authorised contractual schemes which are co-ownership schemes;

(ab)authorised contractual schemes which are partnership schemes;]

(b)authorised open-ended investment companies;

[F38(c)any two or more of the kinds of collective investment scheme mentioned in paragraphs (a) to (b).]

(7)The scheme must take the form of an open-ended investment company or (if it does not take that form) the operator must be a body corporate.

(8)The operator of the scheme must—

(a)if an authorised person, have permission to act as operator;

(b)if not an authorised person, be a fit and proper person to act as operator.

(9)The trustee or depositary (if any) of the scheme must—

(a)if an authorised person, have permission to act as trustee or depositary;

(b)if not an authorised person, be a fit and proper person to act as trustee or depositary.

(10)The operator and the trustee or depositary (if any) of the scheme must be able and willing to co-operate with the [F34FCA] by the sharing of information and in other ways.

(11)The name of the scheme must not be undesirable or misleading.

(12)The purposes of the scheme must be reasonably capable of being successfully carried into effect.

(13)The participants must be entitled to have their units redeemed in accordance with the scheme at a price related to the net value of the property to which the units relate and determined in accordance with the scheme.

(14)But a scheme is to be treated as complying with subsection (13) if it requires the operator to ensure that a participant is able to sell his units on an investment exchange at a price not significantly different from that mentioned in that subsection.

(15)Subsection (13) is not to be read as imposing a requirement that the participants must be entitled to have their units redeemed (or sold as mentioned in subsection (14)) immediately following a demand to that effect.

Textual Amendments

Modifications etc. (not altering text)

C3S. 272(1) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 68(1); S.I. 2001/3538, art. 2(1)

C4S. 272(8)(9) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 9

Commencement Information

I2S. 272 wholly in force at 1.12.2001; s. 272 not in force at Royal Assent see s. 431(2); s. 272 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 272 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

273 Matters that may be taken into account.U.K.

For the purposes of subsections (8)(b) and (9)(b) of section 272, the [F34FCA] may take into account any matter relating to—

(a)any person who is or will be employed by or associated with the operator, trustee or depositary in connection with the scheme;

(b)any director of the operator, trustee or depositary;

(c)any person exercising influence over the operator, trustee or depositary;

(d)any body corporate in the same group as the operator, trustee or depositary;

(e)any director of any such body corporate;

(f)any person exercising influence over any such body corporate.

Textual Amendments

Commencement Information

I3S. 273 wholly in force at 1.12.2001; s. 273 not in force at Royal Assent see s. 431(2); s. 273 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 273 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

274 Applications for recognition of individual schemes.U.K.

(1)An application under section 272 for an order declaring a scheme to be a recognised scheme must be made to the [F34FCA] by the operator of the scheme.

(2)The application—

(a)must be made in such manner as the [F34FCA] may direct;

(b)must contain the address of a place in the United Kingdom for the service on the operator of notices or other documents required or authorised to be served on him under this Act;

(c)must contain or be accompanied by such information as the [F34FCA] may reasonably require for the purpose of determining the application.

(3)At any time after receiving an application and before determining it, the [F34FCA] may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application.

(4)Different directions may be given, and different requirements imposed, in relation to different applications.

(5)The [F34FCA] may require an applicant to present information which he is required to give under this section in such form, or to verify it in such a way, as the [F34FCA] may direct.

Textual Amendments

Modifications etc. (not altering text)

C5S. 274 extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 44(1) (with art. 23(2))

Commencement Information

I4S. 274 wholly in force at 1.12.2001; s. 274 not in force at Royal Assent see s. 431(2); s. 274(2) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 274 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 274 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

275 Determination of applications.U.K.

(1)An application under section 272 must be determined by the [F34FCA] before the end of the period of six months beginning with the date on which it receives the completed application.

(2)The [F34FCA] may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.

(3)If the [F34FCA] makes an order under section 272(1), it must give written notice of the order to the applicant.

Textual Amendments

Modifications etc. (not altering text)

C6S. 275(1)(2) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 44(2)(3) (with art. 23(2))

Commencement Information

I5S. 275 wholly in force at 1.12.2001; s. 275 not in force at Royal Assent see s. 431(2); s. 275 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 275 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

276 Procedure when refusing an application.U.K.

(1)If the [F34FCA] proposes to refuse an application made under section 272 it must give the applicant a warning notice.

(2)If the [F34FCA] decides to refuse the application—

(a)it must give the applicant a decision notice; and

(b)the applicant may refer the matter to the Tribunal.

Textual Amendments

Commencement Information

I6S. 276 wholly in force at 1.12.2001; s. 276 not in force at Royal Assent see s. 431(2); s. 276 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 276 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

277 Alteration of schemes and changes of operator, trustee or depositary.U.K.

(1)The operator of a scheme recognised by virtue of section 272 must give written notice to the [F34FCA] of any proposed alteration to the scheme.

(2)Effect is not to be given to any such proposal unless—

(a)the [F34FCA], by written notice, has given its approval to the proposal; or

(b)one month, beginning with the date on which notice was given under subsection (1), has expired without the [F34FCA] having given written notice to the operator that it has decided to refuse approval.

(3)At least one month before any replacement of the operator, trustee or depositary of such a scheme, notice of the proposed replacement must be given to the [F34FCA]—

(a)by the operator, trustee or depositary (as the case may be); or

(b)by the person who is to replace him.

[F39(4)If a change is made, or is to be made, to the law which applies to such a scheme in the country or territory in which it is managed and the change affects or will affect any of the matters mentioned at section 272(2) to (4), the operator of the scheme must give written notice of the change to the FCA—

(a)at least one month before the change takes effect; or

(b)if that is not reasonably practicable, as soon as it is reasonably practicable to do so.

(5)A notice under this section—

(a)must be given in such manner as the FCA may direct; and

(b)where the notice is given under subsection (1) or (3), must include such information as the FCA may direct for the purpose of determining whether the requirements for the making of an order under section 272 in respect of the scheme would continue to be satisfied following the alteration or replacement that is the subject of the notice.]

Textual Amendments

Modifications etc. (not altering text)

C7S. 277(1) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(9); S.I. 2001/3538, art. 2(1)

S. 277(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 45(1) (with art. 23(2))

C8S. 277(2)(b) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 45(2) (with art. 23(2))

C9S. 277(3) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 45(3) (with art. 23(2))

Commencement Information

I7S. 277 wholly in force at 1.12.2001; s. 277 not in force at Royal Assent see s. 431(2); s. 277 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 277 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[F40277A.Regular provision of information relating to compliance with requirements for recognitionU.K.

(1)The operator of a scheme recognised by virtue of section 272 must provide to the FCA such information as the FCA may direct, at such times as the FCA may direct, for the purpose of determining whether the requirements for the making of an order under section 272 in respect of the scheme continue to be satisfied.

(2)A direction under subsection (1) may not require information to be provided within the period of 12 months beginning with the date on which information was last required to be provided to the FCA in respect of the scheme pursuant to a requirement under section 274(2)(c) or a direction under subsection (1) or section 277(5)(b).

(3)The information must be provided in such manner as the FCA may direct.]

Textual Amendments

F41...U.K.

Textual Amendments

278 Rules as to scheme particulars.U.K.

The [F34FCA] may make rules imposing duties or liabilities on the operator of a scheme recognised under section F42... 272 for purposes corresponding to those for which rules may be made under section 248 in relation to authorised unit trust schemes.

Textual Amendments

279 Revocation of recognition.U.K.

The [F34FCA] may F43... revoke an order under section 272 if it appears to the [F34FCA]—

(a)that the operator, trustee or depositary of the scheme has contravened a requirement imposed on him by or under this Act;

(b)that the operator, trustee or depositary of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the [F34FCA] information which is false or misleading in a material particular;

(c)F44... that one or more of the requirements for the making of the order are no longer satisfied; or

(d)that none of paragraphs (a) to (c) applies, but it is undesirable in the interests of the participants or potential participants that the scheme should continue to be recognised.

Textual Amendments

Modifications etc. (not altering text)

C10S. 279 applied (1.12.2001) by S.I. 2001/3592, arts. 1(2), 47(4)(b) (with art. 23(2))

S. 279 applied (with modifications) (1.12.2001) by S.I. 2001/3592, arts. 1(2), 48(4)(5) (with art. 23(2))

C11S. 279(c) modified (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 68(2); S.I. 2001/3538, art. 2(1)

280 Procedure.U.K.

(1)If the [F34FCA] proposes to [F45make an order under section 279] revoking a recognition order, it must give a warning notice to the operator and (if any) the trustee or depositary of the scheme.

(2)If the [F34FCA] decides to F46... make an order under that section—

(a)it must without delay give a decision notice to the operator and (if any) the trustee or depositary of the scheme; and

(b)the operator or the trustee or depositary may refer the matter to the Tribunal.

Textual Amendments

Modifications etc. (not altering text)

C12S. 280(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 47(1), 48(1) (with art. 23(2))

281 Directions.U.K.

(1)In this section a “relevant recognised scheme” means a scheme recognised under section F47... 272.

(2)If it appears to the [F34FCA] that—

(a)the operator, trustee or depositary of a relevant recognised scheme has contravened, or is likely to contravene, a requirement imposed on him by or under this Act,

(b)the operator, trustee or depositary of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the [F34FCA] information which is false or misleading in a material particular,

(c)one or more of the requirements for the recognition of [F48such a scheme] are no longer satisfied, or

(d)none of paragraphs (a) to (c) applies, but the exercise of the power conferred by this section is desirable in order to protect the interests of participants or potential participants in a relevant recognised scheme who are in the United Kingdom,

it may direct that the scheme is not to be a recognised scheme for a specified period or until the occurrence of a specified event or until specified conditions are complied with.

Textual Amendments

Modifications etc. (not altering text)

C13S. 281 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 70(b), 71(b); S.I. 2001/3538, art. 2(1)

S. 281 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(9); S.I. 2001/3538, art. 2(1)

282 Procedure on giving directions under section 281 and varying them otherwise than as requested.U.K.

(1)A direction takes effect—

(a)immediately, if the notice given under subsection (3) states that that is the case;

(b)on such date as may be specified in the notice; or

(c)if no date is specified in the notice, when the matter to which it relates is no longer open to review.

(2)A direction may be expressed to take effect immediately (or on a specified date) only if the [F34FCA], having regard to the ground on which it is exercising its power under section 281, considers that it is necessary for the direction to take effect immediately (or on that date).

(3)If the [F34FCA] proposes to give a direction under section 281, or gives such a direction with immediate effect, it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.

(4)The notice must—

(a)give details of the direction;

(b)inform the person to whom it is given of when the direction takes effect;

(c)state the [F34FCA's] reasons for giving the direction and for its determination as to when the direction takes effect;

(d)inform the person to whom it is given that he may make representations to the [F34FCA] within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and

(e)inform him of his right to refer the matter to the Tribunal.

(5)The [F34FCA] may extend the period allowed under the notice for making representations.

(6)If, having considered any representations made by a person to whom the notice was given, the [F34FCA] decides—

(a)to give the direction in the way proposed, or

(b)if it has been given, not to revoke the direction,

it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.

(7)If, having considered any representations made by a person to whom the notice was given, the [F34FCA] decides—

(a)not to give the direction in the way proposed,

(b)to give the direction in a way other than that proposed, or

(c)to revoke a direction which has effect,

it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.

(8)A notice given under subsection (6) must inform the person to whom it is given of his right to refer the matter to the Tribunal.

(9)A notice under subsection (7)(b) must comply with subsection (4).

(10)If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.

(11)This section applies to the variation of a direction on the [F34FCA's] own initiative as it applies to the giving of a direction.

(12)For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).

Textual Amendments

Facilities and information in UKU.K.

283 Facilities and information in UK.U.K.

(1)The [F34FCA] may make rules requiring operators of recognised schemes to maintain in the United Kingdom, or in such part or parts of it as may be specified, such facilities as the [F34FCA] thinks desirable in the interests of participants and as are specified in rules.

(2)The [F34FCA] may by notice in writing require the operator of any recognised scheme to include such explanatory information as is specified in the notice in any communication of his which—

(a)is a communication of an invitation or inducement of a kind mentioned in section 21(1); and

(b)names the scheme.

(3)In the case of a communication originating outside the United Kingdom, subsection (2) only applies if the communication is capable of having an effect in the United Kingdom.

Textual Amendments

Commencement Information

I8S. 283 wholly in force at 1.12.2001; s. 283 not in force at Royal Assent see s. 431(2); s. 283(1) in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 283 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

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