495.This section sets out the procedure the Authority must follow on receipt of an application under section 267(4) or (5) for variation or revocation of a direction suspending the promotion of a scheme which is recognised under section 264. Where an application is granted in full, simple written notice is to be given under subsection (4).  The same applies where the Authority decides to revoke a direction on its own initiative under subsection (5).  Where the Authority proposes to refuse the application, or proposes to vary the direction in a way other than that requested in the application, the applicant is entitled to receive a warning notice setting out the reasons for the decision, the standard opportunity to make representations, a decision notice and the right to refer the matter to the Tribunal if still aggrieved by the decision.  Notices under this section are to be given to the operator of the scheme concerned, but in addition the Authority is required to inform the competent authorities in the scheme’s home State.
Commentary on Sections Part Xvii: Collective Investment Schemes Chapter V: Recognised overseas schemes Section 269: Procedure on application for variation or revocation of direction