Section 261W Requests for revocation of authorisation orderF1
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.
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.
The FCA may refuse a request to make an order under this section if it considers that—
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
revocation would not be in the interests of the participants F2....
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.
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.
Annotations
Textual amendments
- F1
Pt. 17 Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)
- F2
Words in s. 261W(3)(b) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 20 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(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))