The Open-Ended Investment Companies Regulations 2001 No. 1228

PART II U.K. FORMATION, SUPERVISION AND CONTROL

Powers of intervention U.K.

Procedure: refusal to revoke or vary direction U.K.

28.—(1) If on an application under regulation 25(7) for a direction to be revoked or varied the Authority proposes—

(a) to vary the direction otherwise than in accordance with the application, or

(b) to refuse to revoke or vary the direction,

it must give the applicant a warning notice.

(2) If the Authority decides to refuse to revoke or vary the direction—

(a) it must give the applicant a decision notice; and

(b) the applicant may refer the matter to the Tribunal.