[(1) The FCA may give a direction under this section if it appears to the FCA that—
(a) one or more of the requirements for the making of an authorisation order are no longer satisfied;
(b) the operator or depositary of an authorised contractual scheme has contravened, or is likely to contravene, a requirement imposed—
(i) by or under this Act; . . .
(ii) by [UCITS-related direct EU legislation]; [or
(iii) by the MMF Regulation or any directly applicable regulation or decision made under that Regulation [which constitutes retained direct EU legislation];]
(c) the operator or depositary of such a scheme has, in
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BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
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