Part XVII

Collective Investment Schemes
CHAPTER
3A

AUTHORISED CONTRACTUAL SCHEMES

Ending of authorisation

Requests for revocation of authorisation order
261W
1
An authorisation order may be revoked by an order made by the
FCA
at the request of the operator or depositary of the scheme concerned.
2
If the
FCA
makes an order under subsection (1), it must give written notice of the order to the operator and depositary 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 operator and the depositary 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.
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))
Words in s. 261W(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), 20 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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)