Modifications etc. (not altering text)
C1Pt. 17 modified (20.2.2019) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(3), 62 (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 12(b))
Textual Amendments
F1Pt. XVII Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)
(1)The FCA may give a direction under this section if it appears to the FCA that—
(a)one or more of the requirements for the making of an authorisation order are no longer satisfied;
(b)the operator or depositary of an authorised contractual scheme has contravened, or is likely to contravene, a requirement imposed—
(i)by or under this Act; F2...
(ii)by [F3UCITS-related direct EU legislation;] [F4or]
[F5(iii)by the MMF Regulation or any directly applicable regulation or decision made under that Regulation [F6which constitutes [F7assimilated direct] legislation];]
(c)the operator or depositary of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the FCA 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 operator of the scheme to cease the issue or redemption, or both the issue and redemption, of units under the scheme;
(b)require the operator and depositary 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(4)A direction may be given under this section in relation to a scheme in the case of which the authorisation order has been revoked.
(5)If a person contravenes a direction under this section, section 138D applies to the contravention as it applies to a contravention mentioned in that section.
(6)The FCA may revoke or vary a direction given under this section, either on its own initiative or on the application of a person to whom the direction was given, if it appears to the FCA—
(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.]
Textual Amendments
F2Word in s. 261X(1)(b)(i) omitted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by virtue of The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(15)(a)
F3Words in s. 261X(1)(b)(ii) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 21(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Word in s. 261X(1)(b)(ii) inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(15)(b)
F5S. 261X(1)(b)(iii) inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(15)(c)
F6Words in s. 261X(1)(b)(iii) inserted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 21(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in s. 261X(1)(b)(iii) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(j)