Part XVII

Collective Investment Schemes
CHAPTER
3A

AUTHORISED CONTRACTUAL SCHEMES

Powers of intervention

Applications to the court
261Y
1
If the
FCA
could give a direction under section 261X, it may also apply to the court for an order—
a
removing the operator or the depositary, or both the operator and the depositary, of the scheme; and
b
replacing the person or persons removed with a suitable person or persons nominated by the
FCA
.
2
The
FCA
may nominate a person for the purposes of subsection (1)(b) only if it is satisfied that, if the order was made, the requirements of section 261D(4) to (9) would be complied with.
3
If it appears to the
FCA
that there is no person it can nominate for the purposes of subsection (1)(b), it may apply to the court for an order—
a
removing the operator or the depositary, or both the operator and the depositary, of the scheme; and
b
appointing an authorised person to wind up the scheme.
4
On an application under this section the court may make such order as it thinks fit.
5
The court may, on the application of the
FCA
, rescind any such order as is mentioned in subsection (3) and substitute such an order as is mentioned in subsection (1).
6
The
FCA
must give written notice of the making of an application under this section to the operator and depositary of the scheme concerned.
7
The jurisdiction conferred by this section may be exercised by—
a
the High Court;
b
in Scotland, the Court of Session.
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)