252 Procedure when refusing approval [of a proposal under section 251]
252 Procedure when refusing approval [of a proposal under section 251]

(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 notice must be received by that person before the end of one month beginning with the date on which notice of the proposal was given.