(1) Where the Bank proposes to revoke the authorisation of a UCITS otherwise than at the request of the management company, investment company or depositary of the UCITS, it shall give the applicants or, as the case may be, the management company, investment company or depositary of the UCITS, as the case may be, notice in writing of its intention to do so, stating the reasons for which it proposes to act and giving particulars of the rights conferred by paragraph (2).
(2) A management company, investment company or depositary on whom a notice is served under paragraph (1) may, within 15 days of the date of service, make representations in writing to the Bank.
(3) The Bank shall have regard to any representations made in accordance with paragraph (2) in determining whether to refuse the application or revoke the authorisation, as the case may be.