Part XVII Collective Investment Schemes
Chapter III Authorised Unit Trust Schemes
Applications refused
245 Procedure when refusing an application.
(1)
If the Authority proposes to refuse an application made under section 242 it must give each of the applicants a warning notice.
(2)
If the Authority decides to refuse the application—
(a)
it must give each of the applicants a decision notice; and
(b)
either applicant may refer the matter to the Tribunal.