Section 227
of Securities Markets Order, 2013
Section 227
(b)
the operator or the custodian of a licensed or recognised collective investment scheme has contravened, or is likely to contravene, a requirement imposed on him by or under this Order;
(c)
the operator or the custodian of such a collective investment scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular; or
(d)
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.
(2)
A direction under this section may
(a)
require the operator or the custodian of the collective investment scheme to cease the issue or redemption, or both the issue and redemption, of units under the scheme;
(b)
require the operator or the custodian and trustee of the collective investment scheme to wind it up.
(3)
If the licence is revoked, the revocation does not affect any direction made under this section that is in force.
(4)
A direction may be given under this section in relation to a collective investment scheme whose licence has been revoked, even if a prior direction under this section was already in force at the time of the 'revocation of the direction.
(5)
The Authority may, either on its own initiative or on the application of the operator or the custodian of the collective investment scheme, revoke or vary a direction given under this section if it appears to the Authority -
(a)
in the case of revocation, that it is no longer necessary for the direction to take effect or continue in force; or
(b)
in the case of variation, that the direction should take effect or continue in force in a different form.
Application to Court.