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Financial Services and Markets Act 2000
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Changes over time for: Section 261W
Version Superseded: 31/12/2020
Alternative versions:
- 06/06/2013- Amendment
- 01/01/2016
Point in time - 31/12/2020- Amendment
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[F1261W.Requests for revocation of authorisation orderU.K.
This section has no associated Explanatory Notes
(1)An authorisation order may be revoked by an order made by the FCA at the request of the operator or depositary of the scheme concerned.
(2)If the FCA makes an order under subsection (1), it must give written notice of the order to the operator and depositary of the scheme concerned.
(3)The FCA 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 or would be incompatible with an EU obligation.
(4)If the FCA proposes to refuse a request under this section, it must give separate warning notices to the operator and the depositary of the scheme.
(5)If the FCA 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
F1Pt. XVII Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)
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