EG 14.4 1Exercise of the powers in respect of recognised schemes: sections 279 and 281 of the Act – powers to revoke recognition of schemes recognised under section 272: the FCA's policy

1The FCA will consider all the relevant circumstances of each case. The general factors which the FCA may consider include, but are not limited to, those set out in paragraph 14.1.1 (1) to (9) (the conduct of the operator of the scheme and of the trustee or depositary will also, of course, be taken into account in relation to each of these factors).

1As well as or instead of using these powers, the FCA may ask the relevant regulatory body of the country or territory in which the scheme is authorised to take such action in respect of the scheme and/or its operator, trustee or depositary as will resolve the FCA's concerns.

1Decisions about whether to apply to the civil courts for collective investment scheme related orders under the Act will be made by

the RDC Chairman or, in an urgent case and if the Chairman is not available, by an RDC Deputy Chairman. In an exceptionally urgent case the matter will be decided by the director of Enforcement or, in his or her absence, another member of the FCA's executive of at least director of division level.

1An exceptionally urgent case in these circumstances is one where the FCA staff believe that a decision to begin proceedings

1. (1)

   should be taken before it is possible to follow the procedure described in paragraph 14.4.3; and

2. (2)

   it is necessary to protect the interests of consumers or potential consumers.