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 271O Requests for revocation of recognition
Section 271O sets out that the FCA may also revoke the recognition of a scheme at the request of the scheme’s operator and that it must give a written notice to the operator, and trustee and depositary (if any) if it decides to revoke the scheme or refuse a request to revoke the scheme.
	Section 271O(3)(a)-(b) sets out the reasons why the FCA may refuse a request from the scheme’s operator, including that it is in the public interest to investigate before a decision is made or that revocation would not be in the interest of investors in the scheme. In circumstances where the FCA refuses to revoke a scheme’s recognition it may nevertheless suspend recognition of the scheme under section 271L where the conditions for exercising the power are engaged.
	Section 271O(5) sets out the steps that the FCA must take if it decides to refuse a request under 271O, including giving a decision notice to the operator and trustee and depositary (if any) and letting them know that they may refer the matter to the Upper Tribunal.