Section 217

Any notice given in respect of a proposal under subsection (1) shall not take effect unless -

(aJ the Authority, by notice in writing, has given its approval to the proposal; or

(bJ one month, beginning with the date on which the notice was given, has expired without the collective investment scheme receiving from the

Authority a warning notice under section 218 in respect of the proposal.

The Authority must not approve a proposal to replace the operator or the custodian of a licensed collective investment scheme unless it is satisfied that, if the proposed replacement is made, the scheme will continue to comply with the requirements of its licence.

Refusal of proposed changes to collective investment scheme.