Part XVII

Collective Investment Schemes
Chapter III

Authorised Unit Trust Schemes

Ending of authorisation

Revocation of authorisation order otherwise than by consent
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1
An authorisation order may be revoked by an order made by the Authority if it appears to the Authority that—
a
one or more of the requirements for the making of the order are no longer satisfied;
b
the manager or trustee of the scheme concerned has contravened a requirement imposed on him by or under this Act;
c
the manager or trustee of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular;
d
no regulated activity is being carried on in relation to the scheme and the period of that inactivity began at least twelve months earlier; or
e
none of paragraphs (a) to (d) applies, but it is desirable to revoke the authorisation order in order to protect the interests of participants or potential participants in the scheme.
2
For the purposes of subsection (1)(e), the Authority may take into account any matter relating to—
a
the scheme;
b
the manager or trustee;
c
any person employed by or associated with the manager or trustee in connection with the scheme;
d
any director of the manager or trustee;
e
any person exercising influence over the manager or trustee;
f
any body corporate in the same group as the manager or trustee;
g
any director of any such body corporate;
h
any person exercising influence over any such body corporate.