Part XVII Collective Investment Schemes
Chapter V Recognised Overseas Schemes
Schemes authorised in designated countries or territories
271 Procedure.
(1)
If the F1FCA proposes to refuse approval of a scheme’s being a recognised scheme by virtue of section 270, it must give the operator of the scheme a warning notice.
(2)
To be valid the warning notice must be received by the operator before the end of two months beginning with the date on which notice was given under section 270(1)(c).
(3)
If, having given a warning notice, the F1FCA decides to refuse approval—
(a)
it must give the operator of the scheme a decision notice; and
(b)
the operator may refer the matter to the Tribunal.