Section 261X(1)

The FCA may give a direction under this section if it appears to the FCA that— one or more of the requirements for the making of an authorisation order are no longer satisfied; the operator or depositary of an authorised contractual scheme has contravened, or is likely to contravene, a requirement imposed— by or under this Act; ... by UCITS-related direct EU legislation; or by the MMF Regulation or any directly applicable regulation or decision made under that Regulation which constitutes assimilated direct legislation; the operator or depositary of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the FCA information which is false or misleading in a material particular; or none of paragraphs (a) to (c) applies, but it is desirable to give a direction in order to protect the interests of participants or potential participants in such a scheme.

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Source: legislation.gov.uk · retrieved 2026-09-04