492.Although it cannot suspend an EEA scheme’s recognition, the Authority can suspend its promotion to the public if it appears that the operator has contravened financial promotion rules. The warning and decision notice procedure will apply and the Authority will be required to notify the scheme’s home State authority if it decides to give a direction under this section. The operator will have a right to refer the decision to the Tribunal.
493.Under this section, the Authority may also revoke, as well as vary, a direction suspending the promotion of an EEA scheme, where specified conditions are met.
Commentary on Sections Part Xvii: Collective Investment Schemes Chapter V: Recognised overseas schemes Section 267: Power of authority to suspend promotion of scheme