Part XVII Collective Investment Schemes

Chapter V Recognised Overseas Schemes

Schemes constituted in other EEA States

269 Procedure on application for variation or revocation of direction.

1

If, on an application under subsection (4) or (5) of section 267, the Authority proposes—

a

to vary a direction otherwise than in accordance with the application, or

b

to refuse the application,

it must give the operator of the scheme concerned a warning notice.

2

If, on such an application, the Authority decides—

a

to vary a direction otherwise than in accordance with the application, or

b

to refuse the application,

it must give the operator of the scheme concerned a decision notice.

3

If the application is refused, the operator of the scheme may refer the matter to the Tribunal.

4

If, on such an application, the Authority decides to grant the application it must give the operator of the scheme concerned written notice.

5

If the Authority decides on its own initiative to revoke a direction given under section 267 it must give the operator of the scheme concerned written notice.

6

The Authority must inform the competent authorities in the scheme’s home State of any notice given under this section.