(1) If the FCA proposes to revoke the authorisation of a UK LTIF, the FCA must give separate warning notices to the AIFM and the depositary of the UK LTIF.
(2) If the FCA decides to revoke the authorisation of a UK LTIF-
(a) the FCA must give each of the AIFM and the depositary a decision notice; and
(b) either of them may refer the matter to the Tribunal.