(1) Where the Bank proposes to revoke the authorization of a UCITS otherwise than at the request of the management company, investment company or trustee of the UCITS, it shall give the applicants or, as the case may be, the management company, investment company or trustee of the UCITS written notice 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 trustee on whom a notice is served under paragraph (1) may, within thirty days of the date of service, make written representations 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 authorization, as the case may be.