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(1)Subsection (2) applies if it appears to the [F2FCA] that the operator of a scheme has communicated an invitation or inducement in relation to the scheme in a manner contrary to financial promotion rules.
(2)The [F3FCA] may direct that—
(a)the exemption from subsection (1) of section 238 provided by subsection (4)(c) of that section is not to apply in relation to the scheme; and
(b)subsection (5) of that section does not apply with respect to things done in relation to the scheme.
(3)A direction under subsection (2) has effect—
(a)for a specified period;
(b)until the occurrence of a specified event; or
(c)until specified conditions are complied with.
(4)The [F4FCA] may, either on its own initiative or on the application of the operator of the scheme concerned, vary a direction given under subsection (2) if it appears to the [F4FCA] that the direction should take effect or continue in force in a different form.
(5)The [F5FCA] may, either on its own initiative or on the application of the operator of the recognised scheme concerned, revoke a direction given under subsection (2) if it appears to the [F5FCA]—
(a)that the conditions specified in the direction have been complied with; or
(b)that it is no longer necessary for the direction to take effect or continue in force.
(6)If an event is specified, the direction ceases to have effect (unless revoked earlier) on the occurrence of that event.
(7)For the purposes of this section and sections 268 and 269—
(a)the scheme’s home State is the EEA State in which the scheme is constituted (within the meaning given by section 264);
(b)the competent authorities in the scheme’s home State are the authorities in that State who are responsible for the authorisation of collective investment schemes.
(8)“Scheme” means a scheme which is a recognised scheme by virtue of section 264.
(9)“Specified”, in relation to a direction, means specified in it.
Textual Amendments
F1Word in s. 267 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Word in s. 267(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Word in s. 267(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Word in s. 267(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Word in s. 267(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 13(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.