Securities Markets Order, 2013 · s 217

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s 217

(1)

If a licensed collective investment scheme proposes to alter its constitution or to replace its operator or custo~ian, it must give a notice in writing to the Authority.

(2)

Any notice given in respect of a proposal under subsection (1) shall not take effect unless -

(aJ the Authority, by notice in writing, has given its approval to the proposal; or

(bJ one month, beginning with the date on which the notice was given, has expired without the collective investment scheme receiving from the

Authority a warning notice under section 218 in respect of the proposal.

(3)

The Authority must not approve a proposal to replace the operator or the custodian of a licensed collective investment scheme unless it is satisfied that, if the proposed replacement is made, the scheme will continue to comply with the requirements of its licence.