Part XVII Collective Investment Schemes

Chapter III Authorised Unit Trust Schemes

Applications refused

I1245 Procedure when refusing an application.

1

If the F1FCA proposes to refuse an application made under section 242 it must give each of the applicants a warning notice.

2

If the F1FCA decides to refuse the application—

a

it must give each of the applicants a decision notice; and

b

either applicant may refer the matter to the Tribunal.