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 271N Revocation of recognition on the FCA’s initiative
This section gives a power to the FCA to revoke the recognition of a scheme under the OFR.
	Section 271N(1)(a)-(d) states that a revocation order can be made by the FCA when it is no longer satisfied that conditions for recognition, set out in section 271G(2)(a)-(c), or any requirements by or under FSMA (including additional requirements) are met, or it appears to the FCA that the scheme operator has given false or misleading information. Even if none of these reasons apply, a scheme’s recognition can be revoked if the FCA considers it desirable in order to protect the interests of UK investors.
	Section 271N(2)-(3) sets out that the FCA must provide a warning notice to the operator (and trustee and depository, if any) of the scheme if it proposes to revoke scheme’s recognition and, without delay, a decision notice if it then decides to revoke the scheme’s recognition. If the FCA does decide to revoke the recognition of a scheme, the operator and trustee, or depository, if there is one, can refer the matter to the Upper Tribunal.