Part XVII Collective Investment Schemes

F1CHAPTER 3AAUTHORISED CONTRACTUAL SCHEMES

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261Z2Procedure: refusal to revoke or vary direction

1

If on an application under section 261X(6) for a direction to be revoked or varied the FCA 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 FCA 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.