There are outstanding changes not yet made by the legislation.gov.uk editorial team to Financial Services and Markets Act 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations.
(1)An authorisation order may be revoked by an order made by the [F1FCA] at the request of the manager or trustee of the scheme concerned.
(2)If the [F1FCA] makes an order under subsection (1), it must give written notice of the order to the manager and trustee of the scheme concerned.
(3)The [F1FCA] may refuse a request to make an order under this section if it considers that—
(a)the public interest requires that any matter concerning the scheme should be investigated before a decision is taken as to whether the authorisation order should be revoked; or
(b)revocation would not be in the interests of the participants F2....
(4)If the [F1FCA] proposes to refuse a request under this section, it must give separate warning notices to the manager and the trustee of the scheme.
(5)If the [F1FCA] decides to refuse the request, it must without delay give each of them a decision notice and either of them may refer the matter to the Tribunal.
Textual Amendments
F1Word in ss. 254-262 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 256(3)(b) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 11 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Modifications etc. (not altering text)
C1S. 256(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 46(6) (with art. 23(2))
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