Schedule 9: Collective investment schemes authorised in approved countries Part 1: Provisions to be inserted in Chapter 5 of Part 17 of the Financial Services and Markets Act 2000 271L Suspension of recognition
This section gives the power to the FCA to suspend a scheme’s recognition under section 271A, subject to certain restrictions. Revocation is permanent, while suspension is temporary. The FCA can also use its powers in sections 271L and 271N (revocation of recognition on the FCA’s initiative) in succession, so that revocation may follow a suspension. However, suspension is not a necessary prerequisite for revocation.
	Section 271L sets out that this suspension may be for a period of time specified by the FCA or until a specific event has happened or until a specific condition is met. It lists the reasons under which the FCA can use its power to suspend a scheme’s recognition, including if the FCA is no longer satisfied that the conditions for its recognition are met. Under section 271L(2)(d) the FCA may also suspend the scheme if it considers it is desirable to protect the interests of UK investors, even if none of the other reasons for suspension apply.