Part XVIIU.K. Collective Investment Schemes

Chapter VU.K. Recognised Overseas Schemes

Schemes constituted in other EEA StatesU.K.

269 Procedure on application for variation or revocation of direction.U.K.

(1)If, on an application under subsection (4) or (5) of section 267, the [F1FCA] proposes—

(a)to vary a direction otherwise than in accordance with the application, or

(b)to refuse the application,

it must give the operator of the scheme concerned a warning notice.

(2)If, on such an application, the [F2FCA] decides—

(a)to vary a direction otherwise than in accordance with the application, or

(b)to refuse the application,

it must give the operator of the scheme concerned a decision notice.

(3)If the application is refused, the operator of the scheme may refer the matter to the Tribunal.

(4)If, on such an application, the [F3FCA] decides to grant the application it must give the operator of the scheme concerned written notice.

(5)If the [F4FCA] decides on its own initiative to revoke a direction given under section 267 it must give the operator of the scheme concerned written notice.

(6)[F5The FCA] must inform the competent authorities in the scheme’s home State of any notice given under this section.

Textual Amendments