PART II FORMATION, SUPERVISION AND CONTROL
Alterations
Procedure when refusing approval of proposed changes22
1
If the Authority proposes to refuse approval of a proposal to replace the depositary, or any director, of an open-ended investment company, it must give a warning notice to the company.
2
If the Authority proposes to refuse approval of any other proposal falling within regulation 21, it must give separate warning notices to the company and its depositary.
3
To be valid the warning notice must be received by that person before the end of one month beginning with the date on which notice of the proposal was given.
4
If, having given a warning notice to a person, the Authority decides to refuse approval—
a
it must give him a decision notice; and
b
he may refer the matter to the Tribunal.
5
If, having given a warning notice to a person, the Authority decides to approve the proposal, it must give him a F1written notice.