Financial Services and Markets Act 2000

271 Procedure.U.K.
This section has no associated Explanatory Notes

(1)If the Authority proposes to refuse approval of a scheme’s being a recognised scheme by virtue of section 270, it must give the operator of the scheme a warning notice.

(2)To be valid the warning notice must be received by the operator before the end of two months beginning with the date on which notice was given under section 270(1)(c).

(3)If, having given a warning notice, the Authority decides to refuse approval—

(a)it must give the operator of the scheme a decision notice; and

(b)the operator may refer the matter to the Tribunal.

Modifications etc. (not altering text)

C1S. 271(2) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 43(4) (with art. 23(2))

Commencement Information

I1S. 271 wholly in force at 1.12.2001; s. 271 not in force at Royal Assent see s. 431(2); s. 271 (except subsection (2)) in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 271 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)