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Part XVIICollective Investment Schemes

Chapter IIIAuthorised Unit Trust Schemes

Powers of intervention

260Procedure: refusal to revoke or vary direction

(1)If on an application under section 257(6) 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.