(1) If the [FCA] proposes to refuse approval of a proposal [under section 251] to replace the trustee or manager of an authorised unit trust scheme, it must give a warning notice to the person by whom notice of the proposal was given under section 251(1) or (3).
(2) If the [FCA] proposes to refuse approval of a proposal [under section 251] to alter an authorised unit trust scheme it must give separate warning notices to the manager and the trustee of the scheme.
(3) To be valid the warning
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