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

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Determination of applications.     270. - (1) An application under section 267 must be determined by the Authority before the end of the period of six months beginning with the date on which it receives the completed application.
 
      (2) The Authority may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.
 
      (3) If the Authority makes an order under section 267(1), it must give written notice of the order to the applicant.
 
Procedure when refusing an application.     271. - (1) If the Authority proposes to refuse an application made under section 267 it must give the applicant a warning notice.
 
      (2) If the Authority decides to refuse the application-
 
 
    (a) it must give the applicant a decision notice; and
 
    (b) the applicant may refer the matter to the Tribunal.
Alteration of schemes and changes of operator, trustee or depositary.     272. - (1) The operator of a scheme recognised by virtue of section 267 must give written notice to the Authority of any proposed alteration to the scheme.
 
      (2) Effect is not to be given to any such proposal unless-
 
 
    (a) the Authority, by written notice, has given its approval to the proposal; or
 
    (b) one month, beginning with the date on which notice was given under subsection (1), has expired without the Authority having given written notice to the operator that it has decided to refuse approval.
      (3) At least one month before any replacement of the operator, trustee or depositary of such a scheme, notice of the proposed replacement must be given to the Authority-
 
 
    (a) by the operator, trustee or depositary (as the case may be); or
 
    (b) by the person who is to replace him.
 
Rules and information gathering: schemes recognised under sections 265 and 267
Rules as to scheme particulars.     273. The Authority may make rules imposing duties or liabilities on the operator of a scheme recognised under section 265 or 267 for purposes corresponding to those for which rules may be made under section 243 in relation to authorised unit trust schemes.
 
 
Revocation of recognition under sections 265 and 267
Revocation of recognition.     274. The Authority may direct that a scheme is to cease to be recognised by virtue of section 265 or revoke an order under section 267 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 267, 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.
 
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