Part XVII

Collective Investment Schemes
CHAPTER
3A

AUTHORISED CONTRACTUAL SCHEMES

Powers of intervention

Procedure: revocation of direction and grant of request for variation
261Z3
1
If the
FCA
decides on its own initiative to revoke a direction under section 261X it must give separate written notice of its decision to the operator and the depositary of the scheme.
2
If on an application under section 261X(6) for a direction to be revoked or varied the
FCA
decides to revoke the direction or vary it in accordance with the application, it must give the applicant written notice of its decision.
3
A notice under this section must specify the date on which the decision takes effect.
4
The
FCA
may publish such information about the revocation or variation, in such way, as it considers appropriate.
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)