C3C4C2C1C6C5C10C9C8C7C11C14C12C13PART 1Master Trusts

Annotations:
Modifications etc. (not altering text)

Ongoing supervision of Master Trust schemes

I1I2I319Withdrawal of authorisation

1

If the Regulator stops being satisfied that an authorised Master Trust scheme meets the authorisation criteria, it may decide to withdraw the scheme’s authorisation.

2

A warning notice under the standard procedure or a determination notice under the special procedure given in relation to a decision under subsection (1) must—

a

explain that the issue of the notice is a triggering event for the purposes of sections 20 to 33, and

b

include an explanation of the trustees’ duties under those sections.

3

On withdrawal of a scheme’s authorisation, the Regulator must—

a

notify the trustees that the scheme is no longer authorised, and

b

remove the scheme from the list of authorised Master Trust schemes.

4

In this section—

  • “determination notice” has the meaning given by Article 93(2)(a) of the 2005 Order;

  • “special procedure” has the meaning given by Article 93 of that Order;

  • “standard procedure” has the meaning given by Article 91 of that Order;

  • “warning notice” has the meaning given by Article 91(2)(a) of that Order.