(1) If the FCA proposes to revoke the authorisation of an MMF otherwise than by consent, the FCA must give separate warning notices to the AIFM and the depositary of the MMF.

(2) If the FCA decides to revoke the authorisation of an MMF otherwise than by consent -

(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.