Part XVII

Collective Investment Schemes
Chapter V

Recognised Overseas Schemes

Schemes authorised in approved countries

Requests for revocation of recognition
271O
1
The FCA may revoke an order made under section 271A in relation to a collective investment scheme at the request of the scheme's operator.
2
If the FCA decides to do so, it must give written notice to the operator and (if any) the trustee or depositary of the scheme.
3
The FCA may refuse a request 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 order should be revoked, or
b
revocation would not be in the interests of participants in the scheme.
4
If the FCA proposes to refuse a request under this section, it must give a warning notice to the operator and (if any) the trustee or depositary of the scheme.
5
If the FCA decides to refuse the request—
a
it must without delay give a decision notice to the operator and (if any) the trustee or depositary of the scheme, and
b
the operator, trustee or depositary 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))
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)