Paragraph 6 Deposit management organisation’s power to cancel registration
The deposit management organisation may cancel a person’s registration as a registered scheme producer, without a notification having been given under paragraph 5, if it is satisfied that the person has ceased to be a scheme producer.
Before cancelling a person’s registration as a registered scheme producer under sub-paragraph (1), the deposit management organisation must give that person a proposal notice.
A proposal notice must be in writing and must—
state why the deposit management organisation is proposing to cancel a person’s registration as a registered scheme producer,
specify the date on which the proposed cancellation of the person’s registration as a registered scheme producer is to take effect,
state that the registered scheme producer may make representations to the deposit management organisation about the proposal, and
specify the form and manner in which any representations must be made and the period within which they must be made, which must not be less than 28 days, beginning with the day after the day on which the person receives the proposal notice.
The deposit management organisation must consider any representations made by the registered scheme producer before the date of proposed cancellation specified in the proposal notice under sub-paragraph (3)(d).
The deposit management organisation must notify the registered scheme producer in writing of its decision.
Where the deposit management organisation decides to proceed with the cancellation of the person’s registration as a registered scheme producer, the deposit management organisation must give that person a cancellation notice.
A cancellation notice must be in writing and must—
state that the person’s registration as a registered scheme producer is being cancelled and the reasons why,
specify the date on which the cancellation of the registration takes effect, and
state that the person has a right under regulation 79 to ask the deposit management organisation to review the decision.
If a registered scheme producer exercises the right under sub-paragraph (7)(c), the cancellation notice must not take effect before the end of the period specified in regulation 81(2).
The date specified under sub-paragraph (7)(b) must not be before the end of the period of 28 days beginning with the day on which the person receives the cancellation notice.