Part XVII Collective Investment Schemes
Chapter III Authorised Unit Trust Schemes
Powers of intervention
260 Procedure: refusal to revoke or vary direction.
(1)
If on an application under section 257(6) for a direction to be revoked or varied the F1FCA proposes—
(a)
to vary the direction otherwise than in accordance with the application, or
(b)
to refuse to revoke or vary the direction,
it must give the applicant a warning notice.
(2)
If the F1FCA decides to refuse to revoke or vary the direction—
(a)
it must give the applicant a decision notice; and
(b)
the applicant may refer the matter to the Tribunal.