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In force since 2026-07-15, as the publisher states.
Copy read on 2026-11-08. The page it was read from
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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(1) If the FCA proposes to make an order under section 261U revoking an authorisation order (“a revoking order”), it must give separate warning notices to the operator and the depositary of the scheme. (2) If the FCA decides to make a revoking order, it must without delay give each of them a decision notice and either of them may refer the matter to the Tribunal.
Propose a change(1) An authorisation order may be revoked by an order made by the FCA at the request of the operator or depositary of the scheme concerned. (2) If the FCA makes an order under subsection (1), it must give written notice of the order to the operator and depositary of the scheme concerned. (3) The FCA may refuse a request to make an order 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 authorisation order should be revoked; or (b) revocation would not be in the interests of the participants .... (4) If the FCA proposes to refuse a request under this section, it must give separate warning notices to the operator and the depositary of the scheme. (5) If the FCA decides to refuse the request, it must without delay give each of them a decision notice and either of them may refer the matter to the Tribunal.
Propose a change(1) The FCA may give a direction under this section if it appears to the FCA that— (a) one or more of the requirements for the making of an authorisation order are no longer satisfied; (b) the operator or depositary of an authorised contractual scheme has contravened, or is likely to contravene, a requirement imposed— (i) by or under this Act; ... (ii) by UCITS-related direct EU legislation; or (iii) by the MMF Regulation or any directly applicable regulation or decision made under that Regulation which constitutes assimilated direct legislation; (c) the operator or depositary of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the FCA information which is false or misleading in a material particular; or (d) none of paragraphs (a) to (c) applies, but it is desirable to give a direction in order to protect the interests of participants or potential participants in such a scheme. (2) A direction under this section may— (a) require the operator of the scheme to cease the issue or redemption, or both the issue and redemption, of units under the scheme; (b) require the operator and depositary of the scheme to wind it up. (3) If the authorisation order is revoked, the revocation does not affect any direction under this section which is then in force. (4) A direction may be given under this section in relation to a scheme in the case of which the authorisation order has been revoked. (5) If a person contravenes a direction under this section, section 138D applies to the contravention as it applies to a contravention mentioned in that section. (6) The FCA may revoke or vary a direction given under this section, either on its own initiative or on the application of a person to whom the direction was given, if it appears to the FCA— (a) in the case of revocation, that it is no longer necessary for the direction to take effect or continue in force; (b) in the case of variation, that the direction should take effect or continue in force in a different form.
Propose a change(1) If the FCA could give a direction under section 261X, it may also apply to the court for an order— (a) removing the operator or the depositary, or both the operator and the depositary, of the scheme; and (b) replacing the person or persons removed with a suitable person or persons nominated by the FCA. (2) The FCA may nominate a person for the purposes of subsection (1)(b) only if it is satisfied that, if the order was made, the requirements of section 261D(4) to (9) would be complied with. (3) If it appears to the FCA that there is no person it can nominate for the purposes of subsection (1)(b), it may apply to the court for an order— (a) removing the operator or the depositary, or both the operator and the depositary, of the scheme; and (b) appointing an authorised person to wind up the scheme. (4) On an application under this section the court may make such order as it thinks fit. (5) The court may, on the application of the FCA, rescind any such order as is mentioned in subsection (3) and substitute such an order as is mentioned in subsection (1). (6) The FCA must give written notice of the making of an application under this section to the operator and depositary of the scheme concerned. (7) The jurisdiction conferred by this section may be exercised by— (a) the High Court; (b) in Scotland, the Court of Session.
Propose a change(1) Subsection (2) applies if a master UCITS which has one or more feeder UCITS which are authorised contractual schemes is wound up, whether as a result of a direction given by the FCA under section 257 or 261X, an order of the court under section 258 or 261Y, rules made by the FCA or otherwise. (2) The FCA must direct the operator and depositary of any authorised contractual scheme which is a feeder UCITS of the master UCITS to wind up the feeder UCITS unless— (a) the FCA approves under section 283A the investment by the feeder UCITS of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in units of another UCITS or master UCITS; or (b) the FCA approves under section 261S an amendment of the contractual scheme deed of the feeder UCITS which would enable it to convert into a UK UCITS which is not a feeder UCITS. (3) Subsection (4) applies if a master UCITS which has one or more feeder UCITS which are authorised contractual schemes— (a) merges with another UCITS, or (b) is divided into two or more UCITS. (4) The FCA must direct the operator and depositary of any authorised contractual scheme which is a feeder UCITS of the master UCITS to wind up the scheme unless— (a) the FCA approves under section 283A the investment by the scheme of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in the units of— (i) the master UCITS which results from the merger; (ii) one of the UCITS resulting from the division; or (iii) another UCITS or master UCITS; (b) the FCA approves under section 261S an amendment of the contractual scheme deed of the scheme concerned which would enable it to convert into a UK UCITS which is not a feeder UCITS.
Propose a change(1) A direction under section 261X or 261Z takes effect— (a) immediately, if the notice given under subsection (3) states that that is the case; (b) on such date as may be specified in the notice; or (c) if no date is specified in the notice, when the matter to which it relates is no longer open to review. (2) A direction under section 261X may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is exercising its power under that section, considers that it is necessary for the direction to take effect immediately (or on that date). (3) If the FCA proposes to give a direction under section 261X or 261Z, or gives a direction under either section with immediate effect, it must give separate written notice to the operator and the depositary of the scheme concerned. (4) The notice must— (a) give details of the direction; (b) inform the person to whom it is given of 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) inform the person to whom it is given that representations may be made to the FCA within such period as may be specified in it (whether or not the matter has been referred to the Tribunal); and (e) inform the person to whom it is given of the right to refer the matter to the Tribunal. (5) If the direction imposes a requirement under section 261X(2)(a), the notice must state that the requirement has effect until— (a) a specified date; or (b) a further direction. (6) If the direction is given under section 261X(2)(b) or section 261Z(2) or (4), the scheme must be wound up— (a) by a date specified in the notice; or (b) if no date is specified, as soon as practicable. (7) The FCA may extend the period allowed under the notice for making representations. (8) If, having considered any representations made by a person to whom the notice was given, the FCA decides— (a) to give the direction in the way proposed, or (b) if it has been given, not to revoke the direction, it must give separate written notice to the operator and the depositary of the scheme concerned. (9) If, having considered any representations made by a person to whom the notice was given, 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) to revoke a direction which has effect, it must give separate written notice to the operator and the depositary of the scheme concerned. (10) A notice given under subsection (8) must inform the persons to whom it is given of the right to refer the matter to the Tribunal. (11) A notice under subsection (9)(b) must comply with subsection (4). (12) If a notice informs a person of the right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference. (13) This section applies to the variation of a direction on the FCA’s own initiative as it applies to the giving of a direction. (14) For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
Propose a change(1) If on an application under section 261X(6) for a direction to be revoked or varied the FCA proposes— (a) to vary the direction otherwise than in accordance with the application, or (b) to refuse to revoke or vary the direction, it must give the applicant a warning notice. (2) If the FCA decides to refuse to revoke or vary the direction— (a) it must give the applicant a decision notice; and (b) the applicant may refer the matter to the Tribunal.
Propose a change(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.
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Propose a change(1) The FCA must immediately inform the operator of any authorised contractual scheme which is a feeder UCITS of an authorised unit trust scheme, an authorised contractual scheme or an authorised open-ended investment company (the master UCITS) of— (a) any failure of which the FCA becomes aware by the master UCITS to comply with a provision made by or under any enactment in implementation of Chapter VIII of the UCITS directive; (b) any warning notice or decision notice given to the master UCITS in relation to a contravention of any provision made in implementation of Chapter VIII of the UCITS directive by or under any enactment or in rules of the FCA; (c) any information reported to the FCA pursuant to rules of the FCA made to implement Article 106(1) of the UCITS directive which relates to the master UCITS, or to one or more of its directors, or its management company, trustee, depositary or auditor. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change(1) The Treasury may by regulations make provision about unauthorised co-ownership AIFs that corresponds or is similar to, or applies with modifications, any of sections 261M to 261O and section 261P(1) and (2) (rights and liabilities of participants in authorised co-ownership schemes). (2) Regulations under subsection (1) may make provision about unauthorised co-ownership AIFs generally, or about unauthorised co-ownership AIFs of a description specified in the regulations. (3) In this section “unauthorised co-ownership AIF” means a co-ownership scheme that— (a) is an AIF, and (b) is not authorised for the purposes of this Act by an authorisation order in force under section 261D(1).
Propose a change(1) The Treasury may by regulations make provision for— (a) facilitating the carrying on of collective investment by means of open-ended investment companies; (b) regulating such companies. (2) The regulations may, in particular, make provision— (a) for the incorporation and registration in the United Kingdom of bodies corporate; (b) for a body incorporated by virtue of the regulations to take such form as may be determined in accordance with the regulations; (c) as to the purposes for which such a body may exist, the investments which it may issue and otherwise as to its constitution; (d) as to the management and operation of such a body and the management of its property; (e) as to the powers, duties, rights and liabilities of such a body and of other persons, including— (i) the directors or sole director of such a body; (ii) its depositary (if any); (iii) its shareholders, and persons who hold the beneficial title to shares in it without holding the legal title; (iv) its auditor; and (v) any persons who act or purport to act on its behalf; (f) as to the merger of one or more such bodies and the division of such a body; (g) for the appointment and removal of an auditor for such a body; (h) as to the winding up and dissolution of such a body; (i) for such a body, or any director or depositary of such a body, to be required to comply with directions given by the FCA; (j) enabling the FCA to apply to a court for an order removing and replacing any director or depositary of such a body; (k) for the carrying out of investigations by persons appointed by the FCA or the Secretary of State; (l) corresponding to any provision made in relation to unit trust schemes by Chapter III of this Part. (3) Regulations under this section may— (a) impose criminal liability; (b) confer functions on the FCA; (c) in the case of provision made by virtue of subsection (2)(l), authorise the making of rules by the FCA; (d) confer jurisdiction on any court or on the Tribunal; (e) provide for fees to be charged by the FCA in connection with the carrying out of any of its functions under the regulations (including fees payable on a periodical basis); (f) modify, exclude or apply (with or without modifications) any primary or subordinate legislation (including any provision of, or made under, this Act); (g) make consequential amendments, repeals and revocations of any such legislation; (h) modify or exclude any rule of law. (4) The provision that may be made by virtue of subsection (3)(f) includes provision extending or adapting any power to make subordinate legislation. (5) Regulations under this section may, in particular— (a) revoke the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996; and (b) provide for things done under or in accordance with those regulations to be treated as if they had been done under or in accordance with regulations under this section.
Propose a changeIn section 716(1) of the Companies Act 1985 (prohibition on formation of companies with more than 20 members unless registered under the Act etc.), after “this Act,” insert “ is incorporated by virtue of regulations made under section 262 of the Financial Services and Markets Act 2000 ”.
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Propose a change(1) A collective investment scheme which is authorised under the law of a country or territory outside the United Kingdom is a recognised scheme if— (a) regulations made by the Treasury approving the country or territory for the purposes of this section are in force, (b) the scheme is of a description specified in the regulations in relation to which the country or territory is approved, (c) the operator of the scheme has applied to the FCA for recognition of the scheme, (d) the FCA has made (and has not revoked) an order granting the application, and (e) no direction under section 271L (suspension of recognition) has effect in relation to the scheme. (2) In making regulations under this section, the Treasury may have regard to any matter that they consider relevant (and see the restrictions in sections 271B and 271C).
Propose a change(1) The Treasury may not make regulations under section 271A approving a country or territory and specifying a description of collective investment scheme unless satisfied that the equivalent protection test is met. (2) The equivalent protection test is met if the protection afforded to participants or potential participants in the schemes by the law and practice of the country or territory is at least equivalent to that afforded to participants or potential participants in comparable authorised schemes by the law and practice of the United Kingdom under which such schemes are authorised and supervised. (3) In this section— “comparable authorised schemes” means whichever of the following the Treasury consider to be the most appropriate— authorised unit trust schemes; authorised contractual schemes which are co-ownership schemes; authorised contractual schemes which are partnership schemes; authorised open-ended investment companies; any two or more of the kinds of collective investment scheme mentioned in paragraphs (a) to (d); “participants” means participants in the United Kingdom.
Propose a change(1) The Treasury may not make regulations under section 271A approving a country or territory and specifying a description of collective investment scheme unless satisfied that adequate arrangements exist, or will exist, for co-operation between the FCA and the overseas regulator. (2) In this section, “the overseas regulator” means the authority responsible for the authorisation and supervision of schemes of that description in the country or territory.
Propose a change(1) When considering whether to make, vary or revoke regulations under section 271A approving a country or territory and specifying a description of collective investment scheme, the Treasury may ask the FCA to prepare a report on— (a) the law and practice of the country or territory under which such schemes are authorised and supervised, or particular aspects of such law and practice, and (b) any existing or proposed arrangements for co-operation between the FCA and the overseas regulator. (2) A request for a report under subsection (1) must be made in writing. (3) If the Treasury ask for a report under subsection (1), the FCA must provide the Treasury with the report. (4) In this section, “the overseas regulator” has the same meaning as in section 271C.
Propose a change(1) The Treasury may by regulations— (a) provide that a section 271A scheme of a description specified in the regulations must comply with requirements specified in the regulations, and (b) impose requirements on the operator of such a scheme. (2) In making regulations under this section in relation to a description of section 271A scheme, the Treasury must have regard to any requirements imposed in relation to comparable authorised schemes by or under this Act. (3) Regulations under this section may describe requirements by reference to— (a) rules made or to be made by the FCA, or (b) other enactments. (4) The power under subsection (3) includes power to make provision by reference to rules or other enactments as amended from time to time. (5) The FCA may make, amend or revoke a rule if it considers it necessary or appropriate to do so for the purposes of a requirement imposed (or varied or withdrawn) by regulations under this section which is described by reference to a rule made or to be made by the FCA. (6) If, for the purposes of a requirement imposed (or varied or withdrawn) by regulations under this section which is described by reference to a rule made or to be made by the FCA, the Treasury consider that it is necessary or appropriate for the FCA to make, amend or revoke a rule, they may direct the FCA to do so. (7) If the Treasury give a direction under subsection (6), the FCA must comply with the direction within such time as the Treasury may specify in the direction. (8) The references in paragraphs (5) and (6) to the amendment or revocation of rules are to the amendment or revocation of rules made by the FCA. (9) Section 141A (power to make consequential amendments of references to rules) applies in relation to the FCA's power to make, amend or revoke rules under this section as it applies in relation to its power to make, amend or revoke rules under Part 9A. (10) In this section— “comparable authorised schemes” has the same meaning as in section 271B; “enactment” includes— assimilated direct legislation, an enactment comprised in subordinate legislation, an enactment comprised in, or in an instrument made under, a Measure or Act of Senedd Cymru, an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament, and an enactment comprised in, or in an instrument made under, Northern Ireland legislation; “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (see section 21 of that Act).
Propose a change(1) An application for recognition of a collective investment scheme under section 271A— (a) must be made in such manner as the FCA may direct, (b) must contain the address of a place in the United Kingdom for service of notices, or other documents, required or authorised to be served on the operator under this Act, and (c) must contain or be accompanied by such information as the FCA may reasonably require for the purpose of determining the application. (2) Where requirements imposed by regulations under section 271E would apply to the scheme or its operator if the application were granted, the application must contain an explanation of how each requirement would be satisfied. (3) At any time after the application is received and before it is determined, the FCA may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application. (4) The FCA may require the applicant to present information provided under this section in such form, or to verify the information in such a way, as the FCA may direct. (5) Different directions may be given, and different requirements imposed, in relation to different applications.
Propose a change(1) The FCA— (a) may only make an order under section 271A granting an application under that section if it is satisfied that the conditions in subsection (2) are met, and (b) if it is so satisfied, must make such an order unless it is permitted to refuse the application under subsection (3) or required to do so under subsection (4). (2) Those conditions are— (a) that the scheme is authorised in a country or territory which is approved by the Treasury in regulations under section 271A, (b) that the scheme is of a description of scheme specified in the regulations, (c) that adequate arrangements exist for co-operation between the FCA and the overseas regulator, and (d) that, where requirements imposed by regulations under section 271E would apply to the scheme or its operator if the application were granted, each such requirement would be satisfied. (3) The FCA may refuse an application under section 271A if it appears to the FCA that the operator of the scheme— (a) has contravened a requirement imposed on them by or under this Act, or would contravene such a requirement if the application were granted, or (b) has, in purported compliance with such a requirement, knowingly or recklessly given the FCA information which is false or misleading in a material particular. (4) The FCA must refuse an application under section 271A if it considers it desirable to do so in order to protect the interests of participants or potential participants in the scheme in the United Kingdom. (5) Where the FCA receives an application under section 271A which is complete, it must give the applicant a notice under section 271H(1) or (2) before the end of the period of two months beginning with the day on which the FCA receives the application. (6) An application under section 271A is complete if the FCA considers that the application satisfies section 271F(1) and (2). (7) Where the FCA receives an application under section 271A which is not complete, it must— (a) notify the operator of the scheme that it does not consider that the application satisfies section 271F(1) or (2) (as applicable), and (b) identify the information needed to complete the application. (8) In this section, “the overseas regulator” has the same meaning as in section 271C.
Propose a change(1) If the FCA decides to make an order under section 271A granting an application under that section, it must give written notice of its decision to the applicant. (2) If the FCA proposes to refuse an application under section 271A, it must give the applicant a warning notice. (3) If the FCA decides to refuse the application, it must give the applicant a decision notice. (4) If the FCA gives the applicant a decision notice under subsection (3), the applicant may refer the matter to the Tribunal, except where the FCA refuses the application on the ground that it is not satisfied that a condition in section 271G(2)(a) or (c) is met.
Propose a change(1) The operator of a section 271A scheme must notify the FCA if the operator becomes aware that it has contravened, or expects to contravene, a requirement imposed on it by or under this Act. (2) The operator of a section 271A scheme must notify the FCA of any change to— (a) the name or address of the operator of the scheme, (b) the name or address of any trustee or depositary of the scheme, (c) the name or address of any representative of the operator in the United Kingdom, and (d) the address of the place in the United Kingdom for service of notices, or other documents, required or authorised to be served on the operator under this Act. (3) A notification under subsection (1) or (2) must be made in writing as soon as reasonably practicable.
Propose a change(1) The operator of a section 271A scheme must provide to the FCA such information as the FCA may direct, at such times as the FCA may direct, for the purpose of determining whether— (a) the conditions set out in section 271G(2)(a) to (c) are met, and (b) any requirements relating to the scheme or its operator imposed by or under this Act are satisfied. (2) The FCA may require the operator to present information provided under this section in such form, or to verify the information in such a way, as the FCA may direct. (3) Different directions may be given in relation to different schemes or different descriptions of scheme.
Propose a change(1) The FCA may make rules in relation to section 271A schemes for purposes corresponding to those for which rules may be made under section 248 in relation to authorised unit trust schemes. (2) For the purposes of subsection (1), a reference in section 248 to the manager of an authorised unit trust scheme is to be read as a reference to the operator of a section 271A scheme. (3) Rules made under this section do not affect any liability which a person may incur apart from the rules.
Propose a change(1) The FCA may direct that a section 271A scheme is not to be a recognised scheme— (a) for a specified period, (b) until the occurrence of a specified event, or (c) until specified conditions are complied with. (2) The FCA may give a direction under subsection (1) only if— (a) the FCA is no longer satisfied that the conditions set out in section 271G(2)(a) to (c) are met, (b) it appears to the FCA that a requirement relating to the scheme or its operator imposed by or under this Act has not been satisfied, or is likely not to be satisfied, (c) it appears to the FCA that the operator of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the FCA information which is false or misleading in a material particular, or (d) although none of paragraphs (a) to (c) applies, the FCA considers it desirable to do so in order to protect the interests of participants or potential participants in the United Kingdom.
Propose a change(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).
Propose a change(1) The FCA may revoke an order made under section 271A in relation to a collective investment scheme if— (a) the FCA is no longer satisfied that the conditions set out in section 271G(2)(a) to (c) are met, (b) it appears to the FCA that a requirement relating to the scheme or its operator imposed by or under this Act has not been satisfied, (c) it appears to the FCA that the operator of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the FCA information which is false or misleading in a material particular, or (d) although none of paragraphs (a) to (c) applies, the FCA considers it desirable to revoke the order to protect the interests of participants or potential participants in the United Kingdom. (2) If the FCA proposes to revoke an order made under section 271A, it must give a warning notice to— (a) the operator of the scheme, and (b) the trustee or depositary of the scheme (if any). (3) If the FCA decides to revoke the order— (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 depository may refer the matter to the Tribunal.
Propose a change(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.
Propose a change(1) This section applies where— (a) the FCA gives a decision notice under section 271N(3), or a written notice under section 271O(2), in relation to a section 271A scheme, or (b) a direction given by the FCA under section 271L(1) in relation to a section 271A scheme takes effect. (2) The operator of the scheme must notify such persons as the FCA may direct that the FCA has revoked an order under section 271A for recognition of the scheme or given a direction under section 271L in relation to the scheme (as applicable). (3) A notification under subsection (2) that relates to a direction under section 271L must set out the terms of the direction. (4) A notification under subsection (2) must— (a) contain such information as the FCA may direct, and (b) be made in such form and manner as the FCA may direct. (5) Different directions may be given under subsection (2) or (4) in relation to— (a) different schemes or different descriptions of scheme; (b) different persons or descriptions of persons to whom a notification under subsection (2) must be given.
Propose a change(1) This section applies, in relation to a section 271A scheme, where the Treasury vary or revoke regulations under section 271A and, as a result, the scheme ceases to be a recognised scheme because— (a) the country or territory in which the scheme is authorised is no longer approved for the purposes of that section, or (b) the scheme is no longer of a description of scheme specified in regulations under that section. (2) Where this section applies, the order given by the FCA under section 271A in relation to the scheme is revoked. (3) The Treasury may by regulations make provision, in relation to a scheme which has ceased to be recognised under section 271A by virtue of this section— (a) requiring an application under section 272 by such a scheme to be made during a period specified in the regulations or in a direction given by the FCA, and (b) modifying or disapplying section 275(1) and (2) (time limits for determining applications under section 272) for the purposes of an application under section 272 relating to such a scheme.
Propose a change(1) This section applies where the FCA considers that— (a) a requirement imposed by regulations under section 271E has been contravened, (b) rules made under section 271K have been contravened, (c) the operator of a section 271A scheme has contravened section 271I, 271J or 271P, or (d) the operator of a section 271A scheme has contravened a rule made, or a requirement imposed, under section 283. (2) The FCA may publish a statement to that effect. (3) Where the FCA proposes to publish a statement under subsection (2) relating to a scheme or the operator of a scheme, it must give the operator a warning notice setting out the terms of the statement. (4) If the FCA decides to publish the statement— (a) it must give the operator, without delay, a decision notice setting out the terms of the statement, and (b) the operator may refer the matter to the Tribunal. (5) After a statement under subsection (2) is published, the FCA must send a copy of it to the operator and to any person to whom a copy of the decision notice was given under section 393(4).
Propose a change(1) Section 271A(1) applies in relation to a part of a collective investment scheme as it applies in relation to such a scheme. (2) Accordingly, the following include a part of a scheme recognised under section 271A— (a) the reference to a scheme recognised under section 271A in the definition of “section 271A scheme” in section 237(3), and (b) other references to such a scheme (however expressed) in or in provision made under this Part of this Act (unless the contrary intention appears). (3) Provisions of or made under this Part of this Act have effect in relation to parts of schemes recognised, or seeking recognition, under section 271A with appropriate modifications. (4) The Treasury may by regulations— (a) make provision about what are, or are not, appropriate modifications for the purposes of subsection (3); (b) make provision so that a relevant enactment has effect in relation to parts of schemes recognised, or seeking recognition, under section 271A with such modifications as the Treasury consider appropriate; (c) make provision so that a relevant enactment does not have effect in relation to such parts of schemes. (5) Regulations under subsection (4)(b) or (c) may amend, repeal or revoke an enactment. (6) In this section— “enactment” has the same meaning as in section 271E; “relevant enactment” means an enactment passed or made before the day on which subsection (1) comes into force that makes provision in relation to collective investment schemes recognised, or seeking recognition, under section 271A.
Propose a change