Part XVII Collective Investment Schemes
Chapter III Authorised Unit Trust Schemes
Powers of intervention
I1257 Directions.
C11
The Authority may give a direction under this section if it appears to the Authority that—
a
one or more of the requirements for the making of an authorisation order are no longer satisfied;
F1b
the manager or trustee of an authorised unit trust scheme has contravened, or is likely to contravene, a requirement imposed—
i
by or under this Act; or
ii
by any directly applicable Community regulation or decision made under the UCITS directive;
c
the manager or trustee of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular; or
d
none of paragraphs (a) to (c) applies, but it is desirable to give a direction in order to protect the interests of participants or potential participants in such a scheme.
2
A direction under this section may—
a
require the manager of the scheme to cease the issue or redemption, or both the issue and redemption, of units under the scheme;
b
require the manager and trustee of the scheme to wind it up.
3
If the authorisation order is revoked, the revocation does not affect any direction under this section which is then in force.
4
A direction may be given under this section in relation to a scheme in the case of which the authorisation order has been revoked if a direction under this section was already in force at the time of revocation.
5
If a person contravenes a direction under this section, section 150 applies to the contravention as it applies to a contravention mentioned in that section.
C26
The Authority may, either on its own initiative or on the application of the manager or trustee of the scheme concerned, revoke or vary a direction given under this section if it appears to the Authority—
a
in the case of revocation, that it is no longer necessary for the direction to take effect or continue in force;
b
in the case of variation, that the direction should take effect or continue in force in a different form.