Financial Services and Markets Bill - continued        House of Lords
PART XVII, COLLECTIVE INVESTMENT SCHEMES - continued

back to previous text
 
 
Rules and information gathering: schemes recognised under sections 266 and 268
Rules as to scheme particulars.     274. The Authority may make rules imposing duties or liabilities on the operator of a scheme recognised under section 266 or 268 for purposes corresponding to those for which rules may be made under section 244 in relation to authorised unit trust schemes.
 
 
Revocation of recognition under sections 266 and 268
Revocation of recognition.     275. The Authority may direct that a scheme is to cease to be recognised by virtue of section 266 or revoke an order under section 268 if it appears to the Authority-
 
 
    (a) that the operator, trustee or depositary of the scheme has contravened a requirement imposed on him by or under this Act;
 
    (b) that the operator, trustee or depositary of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular;
 
    (c) in the case of an order under section 268, that one or more of the requirements for the making of the order are no longer satisfied; or
 
    (d) that none of paragraphs (a) to (c) applies, but it is undesirable in the interests of the participants or potential participants that the scheme should continue to be recognised.
Procedure.     276. - (1) If the Authority proposes to give a direction under section 275 or to make an order under that section revoking a recognition order, it must give a warning notice to the operator and (if any) the trustee or depositary of the scheme.
 
      (2) If the Authority decides to give a direction or make an order under that section-
 
 
    (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 or the trustee or depositary may refer the matter to the Tribunal.
 
previous section contents continue
 
House of Lords home page Houses of Parliament home page House of Commons home page search page enquiries

© Parliamentary copyright 2000
Prepared 31 March 2000