Part XVII Collective Investment Schemes

Chapter III Authorised Unit Trust Schemes

Powers of intervention

I1260 Procedure: refusal to revoke or vary direction.

1

If on an application under section 257(6) for a direction to be revoked or varied the F1FCA proposes—

a

to vary the direction otherwise than in accordance with the application, or

b

to refuse to revoke or vary the direction,

it must give the applicant a warning notice.

2

If the F1FCA decides to refuse to revoke or vary the direction—

a

it must give the applicant a decision notice; and

b

the applicant may refer the matter to the Tribunal.