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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2024 - onwards
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257. Directions

(1) The FCA may give a direction under this section if it appears to the FCA that -

(a) one or more of the requirements for the making of an authorisation order are no longer satisfied;

(b) the manager or trustee of an authorised unit trust scheme has contravened, or is likely to contravene, a requirement imposed -

(i) by or under this Act;

(ii) by UCITS-related direct EU legislation; or

(iii) by the MMF Regulation or any directly applicable regulation or decision made under that Regulation which constitutes assimilated direct legislation;

(c) the manager or trustee of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the FCA 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 manager of t

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