Part XVII Collective Investment Schemes

Chapter V Recognised Overseas Schemes

Schemes constituted in other EEA States

I1265 Representations and references to the Tribunal.

1

This section applies if any representations are made to the Authority, before the period for making representations has ended, by a person to whom a notice was given by the Authority under section 264(2).

2

The Authority must, within a reasonable period, decide in the light of those representations whether or not to withdraw its notice.

3

If the Authority withdraws its notice the scheme is a recognised scheme from the date on which the notice is withdrawn.

4

If the Authority decides not to withdraw its notice, it must give a decision notice to each person to whom the notice under section 264(2) was given.

5

The operator of the scheme to whom the decision notice is given may refer the matter to the Tribunal.