The Open-Ended Investment Companies Regulations 2001

Procedure: refusal to revoke or vary directionU.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 [F1Upper Tribunal].