Section 271O Requests for revocation of recognitionF1

(1)

The FCA may revoke an order made under section 271A in relation to a collective investment scheme at the request of the scheme's operator.

(2)

If the FCA decides to do so, it must give written notice to the operator and (if any) the trustee or depositary of the scheme.

(3)

The FCA may refuse a request under this section if it considers that—

(a)

the public interest requires that any matter concerning the scheme should be investigated before a decision is taken as to whether the order should be revoked, or

(b)

revocation would not be in the interests of participants in the scheme.

(4)

If the FCA proposes to refuse a request under this section, it must give a warning notice to the operator and (if any) the trustee or depositary of the scheme.

(5)

If the FCA decides to refuse the request—

(a)

it must without delay give a decision notice to the operator and (if any) the trustee or depositary of the scheme, and

(b)

the operator, trustee or depositary may refer the matter to the Tribunal.

Annotations

Textual amendments

F1: Ss. 271A-271S and cross-heading inserted (23.2.2022) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 1; S.I. 2022/163, reg. 2(a)

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))

Notes on Chapter V

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))