C1Part XVII Collective Investment Schemes

Annotations:
Modifications etc. (not altering text)

F1CHAPTER 3AAUTHORISED CONTRACTUAL SCHEMES

Annotations:
Amendments (Textual)

Ending of authorisation

261WRequests for revocation of authorisation order

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 F2....

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.