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The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996
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Representations against refusal of authorisation
11.—(1) Where SIB proposes to refuse an application for an authorisation order, it shall give the applicant written notice of its intention to do so, stating the reasons for which it proposes to refuse the application and giving particulars of the rights conferred by paragraph (2) below.
(2) A person on whom a notice is served under paragraph (1) above may, within 21 days of the date of service, make written representations to SIB and, if desired, oral representations to a person appointed for that purpose by SIB.
(3) SIB shall have regard to any representations made in accordance with paragraph (2) above in determining whether to refuse the application.
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