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| Revocation of recognition under sections 243 and 245 |
Revocation of recognition. |
253. The Authority may direct that a scheme is to cease to be recognised by virtue of section 243 or revoke an order under section 245 if it appears to the Authority- |
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(a) that the operator, trustee or depositary of the scheme has contravened a requirement imposed on him by or under this Act; |
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(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; |
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(c) in the case of an order under section 245, that one or more of the requirements for the making of the order are no longer satisfied; or |
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(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. |
254. - (1) If the Authority proposes to give a direction under section 253 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. |
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(2) If the Authority decides to give a direction or make an order under that section- |
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(a) it must without delay give a decision notice to the operator and (if any) the trustee or depositary of the scheme; and |
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(b) the operator or the trustee or depositary may refer the matter to the Tribunal. |
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(3) If, having given a warning notice, the Authority decides not to give a direction or make an order under section 253, it must give a decision notice to the operator and (if any) the trustee or depositary of the scheme. |
| Powers of intervention: schemes recognised under sections 243 and 245 |
Directions. |
255. - (1) In this section a "relevant recognised scheme" means a scheme recognised under section 243 or 245. |
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(2) If it appears to the Authority that- |
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(a) the operator, trustee or depositary of a relevant recognised scheme has contravened, or is likely to contravene, a requirement imposed on him by or under this Act, |
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(b) the operator, trustee or depositary of such a 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, |
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(c) one or more of the requirements for the recognition of a scheme under section 245 are no longer satisfied, or |
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(d) none of paragraphs (a) to (c) applies, but the exercise of the power conferred by this section is desirable in order to protect the interests of participants or potential participants in a relevant recognised scheme who are in the United Kingdom, |
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it may direct that the scheme is not to be a recognised scheme for a specified period or until the occurrence of a specified event or until specified conditions are complied with. |
Procedure. |
256. - (1) If the Authority proposes to give a direction under section 255 it must (unless section 257 applies) give a warning notice to the operator and (if any) the trustee or depositary of the scheme. |
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(2) The warning notice must set out the terms of the direction. |
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(3) Section 349(2) does not apply in relation to the reasons given in the warning notice. |
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(4) If the Authority decides to give a direction under section 255 it must give a decision notice to the operator and (if any) the trustee or depositary of the scheme. |
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(5) The decision notice must set out the terms of the direction. |
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(6) If the Authority gives a decision notice it is to be regarded as giving the direction to which the notice relates (with effect from the date specified in the notice), and the notice has effect accordingly. |
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(7) Section 350(2) does not apply in relation to the reasons given in the decision notice. |
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(8) If the Authority decides to give a direction under section 255, the operator, trustee or depositary of the scheme may refer the matter to the Tribunal. |
Procedure in cases of urgency. |
257. - (1) If the Authority considers that it should give a direction under section 255 as a matter of urgency, it may do so by giving a decision notice to the operator and (if any) the trustee or depositary of the scheme concerned. |
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(2) The decision notice must- |
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(a) set out the terms of the direction; |
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(b) give the Authority's reasons for the exercise of its power under subsection (1); and |
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(c) specify a reasonable period (which may not be less than 28 days) within which the person to whom it is given may make representations to the Authority. |
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(3) The Authority must decide, within a reasonable period after the period for making representations has ended, whether to- |
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(a) confirm or rescind its original decision; or |
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(b) give a different direction under section 255. |
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(4) If the Authority decides to confirm or rescind its original decision, it must give written notice of its decision to the operator and (if any) the trustee or depositary of the scheme concerned. |
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(5) If the Authority decides to give a different direction under section 255 it must give a decision notice to the operator and (if any) the trustee or depositary. |
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(6) A decision notice under subsection (5) must set out the terms of the new direction. |
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(7) If the Authority gives a decision notice under subsection (1) or (5) it is to be regarded- |
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(a) as giving the direction to which the notice relates, and |
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(b) in the case of a notice under subsection (5), as revoking the existing direction under section 255, |
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with effect from the date specified in the notice, and the notice has effect accordingly. |
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(8) Section 350(2) does not apply in relation to the reasons given in a decision notice under subsection (1) or (5). |
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(9) A person to whom a decision notice is given under subsection (1) or (5) may refer the matter to the Tribunal. |
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(10) If- |
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(a) a direction is given as provided by subsection (1), |
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(b) a reference is made to the Tribunal under subsection (9), and |
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(c) no decision under subsection (3) is made before the reference is dealt with, |
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the Tribunal must determine whether the decision to give the direction was (at the time it was made) reasonable in all the circumstances. |
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(11) In determining that question, the Tribunal must have regard to- |
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(a) the risk, had the direction not been given, to persons for whose protection it was given; and |
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(b) the likely effect of the direction on the person making the reference. |
| Facilities and information in UK |
Facilities and information in UK. |
258. - (1) The Authority may make rules requiring operators of recognised schemes to maintain in the United Kingdom, or in such part or parts of it as may be specified, such facilities as the Authority thinks desirable in the interests of participants and as are specified in rules. |
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(2) The Authority may by notice in writing require the operator of any recognised scheme to include such explanatory information as is specified in the notice in any communication of his which- |
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(a) is a communication of an invitation or inducement of a kind mentioned in section 19(1); and |
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(3) In the case of a communication originating outside the United Kingdom, subsection (2) only applies if the communication is capable of having an effect in the United Kingdom. |