Section 254 Revocation of authorisation order otherwise than by consent.C1

(1)

An authorisation order may be revoked by an order made by the F1FCA if it appears to the FCA that—

C2(a)

one or more of the requirements for the making of the order are no longer satisfied;

(b)

the manager or trustee of the scheme concerned has contravened a requirement imposed on him by or under this Act;

(c)

the manager or trustee 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;

C3(d)

no regulated activity is being carried on in relation to the scheme and the period of that inactivity began at least twelve months earlier; or

(e)

none of paragraphs (a) to (d) applies, but it is desirable to revoke the authorisation order in order to protect the interests of participants or potential participants in the scheme.

(2)

For the purposes of subsection (1)(e), the FCA may take into account any matter relating to—

(a)

the scheme;

(b)

the manager or trustee;

(c)

any person employed by or associated with the manager or trustee in connection with the scheme;

(d)

any director of the manager or trustee;

(e)

any person exercising influence over the manager or trustee;

(f)

any body corporate in the same group as the manager or trustee;

(g)

any director of any such body corporate;

(h)

any person exercising influence over any such body corporate.

Annotations

Textual amendments

F1: Word in ss. 254-262 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.

Modifications

C1: S. 254 applied (with modifications) (1.12.2001) by S.I. 2001/3592, arts. 1(2), 46(4)(5) (with art. 23(2))
C2: S. 254(1)(a) modified (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 65(2); S.I. 2001/3538, art. 2(1)
C3: S. 254(1)(d) excluded (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(2); S.I. 2001/3538, art. 2(1)

Notes on Part XVII

Modifications

C1: 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))