Part XVII

Collective Investment Schemes
Chapter V

Recognised Overseas Schemes

Schemes authorised in approved countries

Procedure when suspending recognition
271M
1
A direction under section 271L takes effect—
a
immediately, if the notice given under subsection (3) states that to be the case,
b
on a day specified in the notice, or
c
if no day is specified in the notice, when the matter to which it relates is no longer open to review.
2
A direction under section 271L may be expressed to take effect immediately or on a specified day only if the FCA, having regard to its reason for giving the direction, reasonably considers that it is necessary for the direction to take effect immediately or on that day (as appropriate).
3
If the FCA proposes to give a direction under section 271L, or gives such a direction with immediate effect, it must give written notice to—
a
the operator of the scheme, and
b
the trustee or depositary of the scheme (if any).
4
The notice must—
a
set out details of the direction,
b
set out when the direction takes effect,
c
state the FCA's reasons for giving the direction and for its determination as to when the direction takes effect,
d
state that the recipient of the notice may make representations to the FCA within such period as may be specified in the notice (whether or not the matter has been referred to the Tribunal), and
e
set out the recipient's right to refer the matter to the Tribunal.
5
The FCA may extend the period allowed under the notice for making representations.
6
The FCA must give written notice to the operator and (if any) the trustee or depositary of the scheme concerned if, having considered any representations made, the FCA decides—
a
to give the direction in the way proposed, or
b
if it has been given, not to revoke the direction.
7
The FCA must give written notice to the operator and (if any) the trustee or depositary of the scheme concerned if, having considered any representations made, the FCA decides—
a
not to give the direction in the way proposed,
b
to give the direction in a way other than that proposed, or
c
where the direction has been given, to revoke it.
8
A notice under subsection (6) must set out the recipient's right to refer the matter to the Tribunal.
9
A notice under subsection (7)(b) must comply with subsection (4).
10
Where a notice sets out the right of the recipient to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
11
This section applies to the variation of a direction as it applies to the giving of a direction.
12
For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
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))
Ss. 271A-271S and cross-heading inserted (23.2.2022) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 1; S.I. 2022/163, reg. 2(a)