Section 261Z3 Procedure: revocation of direction and grant of request for variationF1

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.

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.

A notice under this section must specify the date on which the decision takes effect.

The FCA may publish such information about the revocation or variation, in such way, as it considers appropriate.