[261Y Applications to the court]

[261Y  Applications to the court]

[(1)     If the FCA could give a direction under section 261X, it may also apply to the court for an order—

(a)     removing the operator or the depositary, or both the operator and the depositary, of the scheme; and

(b)     replacing the person or persons removed with a suitable person or persons nominated by the FCA.

(2)     The FCA may nominate a person for the purposes of subsection (1)(b) only if it is satisfied that, if the order was made, the requirements of section 261D(4) to (9) would be complied with.

(3)     If it appears to the

Popular documents