Part XVIICollective Investment Schemes

Chapter VRecognised Overseas Schemes

Schemes recognised under sections 270 and 272

279Revocation of recognition

The Authority may direct that a scheme is to cease to be recognised by virtue of section 270 or revoke an order under section 272 if it appears to the Authority—

a

that the operator, trustee or depositary of the scheme has contravened a requirement imposed on him by or under this Act;

b

that the operator, trustee or depositary of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular;

c

in the case of an order under section 272, that one or more of the requirements for the making of the order are no longer satisfied; or

d

that none of paragraphs (a) to (c) applies, but it is undesirable in the interests of the participants or potential participants that the scheme should continue to be recognised.