Part XVII

Collective Investment Schemes
Chapter III

Authorised Unit Trust Schemes

Ending of authorisation

Requests for revocation of authorisation order.
256
1
An authorisation order may be revoked by an order made by the FCA at the request of the manager or trustee of the scheme concerned.
2
If the FCA makes an order under subsection (1), it must give written notice of the order to the manager and trustee of the scheme concerned.
3
The FCA may refuse a request to make an order under this section if it considers that—
a
the public interest requires that any matter concerning the scheme should be investigated before a decision is taken as to whether the authorisation order should be revoked; or
b
revocation would not be in the interests of the participants ....
4
If the FCA proposes to refuse a request under this section, it must give separate warning notices to the manager and the trustee of the scheme.
5
If the FCA decides to refuse the request, it must without delay give each of them a decision notice and either of them may refer the matter to the Tribunal.
S. 256(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 46(6) (with art. 23(2))
Pt. 17 modified (20.2.2019) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(3), 62 (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 12(b))
Word in ss. 254-262 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in s. 256(3)(b) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 11 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)