Paragraph 6 Deposit management organisation’s power to cancel registration
The deposit management organisation may cancel a person’s registration as a scheme producer if the deposit management organisation is satisfied, without a notification having been given under paragraph 5, that the person has ceased to be a scheme producer.
Before cancelling a person’s registration as a scheme producer in accordance with sub-paragraph (1), the deposit management organisation must give that person a notice (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 scheme producer,
specify the date on which the cancellation of the person’s registration as a scheme producer will take effect,
state that the person to whom the notice is given may make representations to the deposit management organisation about the proposal, and
specify the form and manner in which such representations are to be made and the period within which they must be made, which must not be less than 28 days beginning with the date on which the person receives the proposal notice.
The deposit management organisation—
must consider any representations made by the relevant person before the date specified in the proposal notice, in accordance with sub-paragraph (3)(b), and
must accept a representation made by that person that the person is a scheme producer.
The deposit management organisation must notify that person in writing of its decision.
Where the deposit management organisation decides to proceed with the cancellation of the person’s registration as a scheme producer, the deposit management organisation must give that person a notice (a “cancellation notice”).
A cancellation notice must be in writing and must—
state that the person’s registration as a scheme producer is being cancelled and the reasons why, and
specify the date on which the cancellation of the registration will take effect, and
state that the person has a right under regulation 76 to ask the deposit management organisation to review the decision.
If the person exercises the right referred to in sub-paragraph (7)(c), the cancellation notice will not take effect pending the review of the decision.
The date specified for the purposes of sub-paragraph (7)(b) must not be before the end of the period of 28 days beginning with the date on which the person receives the cancellation notice.