Part XVIICollective Investment Schemes

Chapter VRecognised Overseas Schemes

Schemes authorised in designated countries or territories

271Procedure

1

If the Authority proposes to refuse approval of a scheme’s being a recognised scheme by virtue of section 270, it must give the operator of the scheme a warning notice.

2

To be valid the warning notice must be received by the operator before the end of two months beginning with the date on which notice was given under section 270(1)(c).

3

If, having given a warning notice, the Authority decides to refuse approval—

a

it must give the operator of the scheme a decision notice; and

b

the operator may refer the matter to the Tribunal.