Section 271R Public censureF1
This section applies where the FCA considers that—
a requirement imposed by regulations under section 271E has been contravened,
rules made under section 271K have been contravened,
the operator of a section 271A scheme has contravened section 271I, 271J or 271P, or
the operator of a section 271A scheme has contravened a rule made, or a requirement imposed, under section 283.
The FCA may publish a statement to that effect.
Where the FCA proposes to publish a statement under subsection (2) relating to a scheme or the operator of a scheme, it must give the operator a warning notice setting out the terms of the statement.
If the FCA decides to publish the statement—
it must give the operator, without delay, a decision notice setting out the terms of the statement, and
the operator may refer the matter to the Tribunal.
After a statement under subsection (2) is published, the FCA must send a copy of it to the operator and to any person to whom a copy of the decision notice was given under section 393(4).
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))