494.This section establishes the procedure the Authority must follow when it proposes to give, or on its own initiative vary, a direction under section 267 suspending the promotion of a scheme which is recognised under section 264.  This is the same written notice procedure as described in relation to section 53 except that the notices in question are to be given to the operator of the scheme concerned. In addition the Authority is required, when giving notice under this section, 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 268: Procedure in giving directions under section 267 and varying them on Authority’s own initiative