C5Part XVII Collective Investment Schemes
C5Chapter V Recognised Overseas Schemes
F2...
S. 278 crossheading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 22
278 Rules as to scheme particulars.
C1279 Revocation of recognition.
a
that the operator, trustee or depositary of the scheme has contravened a requirement imposed on him by or under this Act;
b
that the operator, trustee or depositary of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the F1FCA information which is false or misleading in a material particular;
C2c
F5... that one or more of the requirements for the making of the order are no longer satisfied; or
d
that none of paragraphs (a) to (c) applies, but it is undesirable in the interests of the participants or potential participants that the scheme should continue to be recognised.
280 Procedure.
C31
2
a
it must without delay give a decision notice to the operator and (if any) the trustee or depositary of the scheme; and
b
the operator or the trustee or depositary may refer the matter to the Tribunal.
C4281 Directions.
1
In this section a “relevant recognised scheme” means a scheme recognised under section F8... 272.
2
If it appears to the F1FCA that—
a
the operator, trustee or depositary of a relevant recognised scheme has contravened, or is likely to contravene, a requirement imposed on him by or under this Act,
b
the operator, trustee or depositary of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the F1FCA information which is false or misleading in a material particular,
c
one or more of the requirements for the recognition of F9such a scheme are no longer satisfied, or
d
none of paragraphs (a) to (c) applies, but the exercise of the power conferred by this section is desirable in order to protect the interests of participants or potential participants in a relevant recognised scheme who are in the United Kingdom,
it may direct that the scheme is not to be a recognised scheme for a specified period or until the occurrence of a specified event or until specified conditions are complied with.
282 Procedure on giving directions under section 281 and varying them otherwise than as requested.
1
A direction takes effect—
a
immediately, if the notice given under subsection (3) states that that is the case;
b
on such date as may be specified in the notice; or
c
if no date is specified in the notice, when the matter to which it relates is no longer open to review.
2
A direction may be expressed to take effect immediately (or on a specified date) only if the F1FCA, having regard to the ground on which it is exercising its power under section 281, considers that it is necessary for the direction to take effect immediately (or on that date).
3
If the F1FCA proposes to give a direction under section 281, or gives such a direction with immediate effect, it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
4
The notice must—
a
give details of the direction;
b
inform the person to whom it is given of when the direction takes effect;
c
state the F1FCA's reasons for giving the direction and for its determination as to when the direction takes effect;
d
inform the person to whom it is given that he may make representations to the F1FCA within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and
e
inform him of his right to refer the matter to the Tribunal.
5
The F1FCA may extend the period allowed under the notice for making representations.
6
If, having considered any representations made by a person to whom the notice was given, the F1FCA decides—
a
to give the direction in the way proposed, or
b
if it has been given, not to revoke the direction,
it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
7
If, having considered any representations made by a person to whom the notice was given, the F1FCA decides—
a
not to give the direction in the way proposed,
b
to give the direction in a way other than that proposed, or
c
to revoke a direction which has effect,
it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
8
A notice given under subsection (6) must inform the person to whom it is given of his right to refer the matter to the Tribunal.
9
A notice under subsection (7)(b) must comply with subsection (4).
10
If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
11
This section applies to the variation of a direction on the F1FCA's own initiative as it applies to the giving of a direction.
12
For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
Pt. 27 modified (20.2.2019) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(3), 62