281 Directions.U.K.
(1)In this section a “relevant recognised scheme” means a scheme recognised under section F1... 272.
(2)If it appears to the [F2FCA] that—
(a)the operator, trustee or depositary of a relevant recognised scheme has contravened, or is likely to contravene, a requirement imposed on him by or under this Act,
(b)the operator, trustee or depositary of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the [F2FCA] information which is false or misleading in a material particular,
(c)one or more of the requirements for the recognition of [F3such a scheme] are no longer satisfied, or
(d)none of paragraphs (a) to (c) applies, but the exercise of the power conferred by this section is desirable in order to protect the interests of participants or potential participants in a relevant recognised scheme who are in the United Kingdom,
it may direct that the scheme is not to be a recognised scheme for a specified period or until the occurrence of a specified event or until specified conditions are complied with.
Textual Amendments
F1Words in s. 281(1) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 26(a)
F2Word in ss. 271-283B substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 281(2)(c) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 26(b)
Modifications etc. (not altering text)
C1S. 281 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 70(b), 71(b); S.I. 2001/3538, art. 2(1)
S. 281 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(9); S.I. 2001/3538, art. 2(1)