Section 25(5)

After section 282 insert— This section applies where— the FCA gives a decision notice under section 280(2) in relation to a scheme recognised under section 272, or a direction given by the FCA under section 281(2) in relation to such a scheme takes effect. The operator of the scheme must notify such persons as the FCA may direct that the FCA has revoked an order under section 272 for recognition of the scheme or given a direction under section 281 in relation to the scheme (as applicable). A notification under subsection (2) that relates to a direction under section 281 must set out the terms of the direction. A notification under subsection (2) must— contain such information as the FCA may direct, and be made in such form and manner as the FCA may direct. Different directions may be given under subsection (2) or (4) in relation to— different schemes or different descriptions of schemes; different persons or descriptions of persons to whom a notification under subsection (2) must be given. This section applies where the FCA considers that— rules made under section 278 have been contravened, the operator of a scheme recognised under section 272 has contravened section 277, 277A or 282A, or the operator of a scheme recognised under section 272 has contravened a rule made, or a requirement imposed, under section 283. The FCA may publish a statement to that effect. Where the FCA proposes to publish a statement under subsection (2) in relation to a scheme or the operator of a scheme, it must give the operator a warning notice setting out the terms of the statement. If the FCA decides to publish the statement— it must give the operator, without delay, a decision notice setting out the terms of the statement, and the operator may refer the matter to the Tribunal. After a statement under subsection (2) is published, the FCA must send a copy of it to the operator and to any person to whom a copy of the decision notice was given under section 393(4). Section 272(1) applies in relation to a part of a collective investment scheme as it applies in relation to such a scheme. Accordingly, the following include a part of a scheme recognised under section 272— the reference to a scheme recognised under section 272 in the definition of “recognised scheme” in section 237(3), and other references to such a scheme (however expressed) in or in provision made under this Part of this Act (unless the contrary intention appears). Provisions of or made under this Part of this Act have effect in relation to parts of schemes recognised, or seeking recognition, under section 272 with appropriate modifications. The Treasury may by regulations— make provision about what are, or are not, appropriate modifications for the purposes of subsection (3); make provision so that a relevant enactment has effect in relation to parts of schemes recognised, or seeking recognition, under section 272 with such modifications as the Treasury consider appropriate; make provision so that a relevant enactment does not have effect in relation to such parts of schemes. Regulations under subsection (4)(b) or (c) may amend, repeal or revoke an enactment. In this section— “enactment” has the same meaning as in section 271E; “relevant enactment” means an enactment passed or made before the day on which subsection (1) comes into force that makes provision in relation to collective investment schemes recognised, or seeking recognition, under section 272.

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