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Part XVIIU.K. Collective Investment Schemes


Ending of authorisationU.K.

261W.Requests for revocation of authorisation orderU.K.

(1)An authorisation order may be revoked by an order made by the FCA at the request of the operator or depositary of the scheme concerned.

(2)If the FCA makes an order under subsection (1), it must give written notice of the order to the operator and depositary of the scheme concerned.

(3)The FCA 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 an EU obligation.

(4)If the FCA proposes to refuse a request under this section, it must give separate warning notices to the operator and the depositary of the scheme.

(5)If the FCA 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.]