Access to Financial Services Markets Overseas Funds Regime Suspension or revocation of individual schemes
There may be instances, including where there is the potential for harm to investors, where it is necessary to temporarily suspend or revoke a scheme’s recognition. The OFR will therefore provide the FCA with a power to suspend or revoke recognition of an individual retail scheme or market access for an MMF.
	Scheme operators (and, in certain circumstances trustees and depositories of a scheme), will have the opportunity to make representations to the FCA following the receipt of notification of the proposed suspension or revocation of the scheme. Following a decision by the FCA to suspend or revoke the recognition of the scheme, the operator may refer the matter to the Upper Tribunal.