Section 222

If the Authority makes an order under subsection (1), it must give a notice in writing of the order to the manager, operator and the custodian of the collective investment scheme.

The Authority may refuse a request to make an order under this section if it thinks that -

(a}

the public interest requires that any matter concerning the collective investment scheme should be investigated before a decision is taken as to whether the licence should be revoked; or

(bj revocation would not be in the interests of the participants.

If the Authority proposes to refuse a request under this section, it must give separate warning notices to the manager, operator and the custodian of the collective investment scheme.

If the Authority decides to refuse the request, it must without delay give each of them a decision notice.

The Panel has jurisdiction to hear and determine any appeal in relation to a decision made under this section.

1395

Recognised collective investment scheme.