Part XVII Collective Investment Schemes

Chapter III Authorised Unit Trust Schemes

Ending of authorisation

256 Requests for revocation of authorisation order.

C11

An authorisation order may be revoked by an order made by the F2FCA at the request of the manager or trustee of the scheme concerned.

2

If the F2FCA makes an order under subsection (1), it must give written notice of the order to the manager and trustee of the scheme concerned.

3

The F2FCA may refuse a request to make an order under this section if it considers that—

a

the public interest requires that any matter concerning the scheme should be investigated before a decision is taken as to whether the authorisation order should be revoked; or

b

revocation would not be in the interests of the participants or would be incompatible with F1an EU obligation.

4

If the F2FCA proposes to refuse a request under this section, it must give separate warning notices to the manager and the trustee of the scheme.

5

If the F2FCA decides to refuse the request, it must without delay give each of them a decision notice and either of them may refer the matter to the Tribunal.