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Financial Services and Markets Act 2000

Financial Services and Markets Act 2000

2000 CHAPTER 8

Commentary on Sections

Part Xvii: Collective Investment Schemes

Chapter V: Recognised overseas schemes
Section 267: Power of authority to suspend promotion of scheme

492.Although it cannot suspend an EEA scheme’s recognition, the Authority can suspend its promotion to the public if it appears that the operator has contravened financial promotion rules. The warning and decision notice procedure will apply and the Authority will be required to notify the scheme’s home State authority if it decides to give a direction under this section. The operator will have a right to refer the decision to the Tribunal.

493.Under this section, the Authority may also revoke, as well as vary, a direction suspending the promotion of an EEA scheme, where specified conditions are met.

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