Part XVII Collective Investment Schemes
Chapter III Authorised Unit Trust Schemes
Applications refused
245 Procedure when refusing an application.
(1)
If the F1FCA proposes to refuse an application made under section 242 it must give each of the applicants a warning notice.
(2)
If the F1FCA 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.