Part XVII

Collective Investment Schemes
CHAPTER
3A

AUTHORISED CONTRACTUAL SCHEMES

Ending of authorisation

Revocation of authorisation order otherwise than by consent
261U
1
An authorisation order may be revoked by an order made by the
FCA
if it appears to the
FCA
that—
a
one or more of the requirements for the making of the order are no longer satisfied;
b
the operator or depositary of the scheme concerned has contravened a requirement imposed on the operator or depositary by or under this Act;
c
the operator or depositary of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the
FCA
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
FCA
may take into account any matter relating to—
a
the scheme;
b
the operator or depositary;
c
any person employed by or associated with the operator or depositary in connection with the scheme;
d
any director of the operator or depositary;
e
any person exercising influence over the operator or depositary;
f
any body corporate in the same group as the operator or depositary;
g
any director of any such body corporate;
h
any person exercising influence over any such body corporate.
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))
Pt. 17 Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)