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 F1FCA 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 F2FCA 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 F3FCA decides to grant the application it must give the operator of the scheme concerned written notice.
(5)
If the F4FCA 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)
F5The FCA must inform the competent authorities in the scheme’s home State of any notice given under this section.