Securities Markets Order, 2013 · s 228

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228.
Application to Court
(1)
Where the Authority may give a direction under section 227, it may also apply to the Court for an order -
1398
fa} removing the operator or the custodian or both of them, of the collective investment scheme; and
(b) replacing the operator or the custodian removed with a suitable person or persons nominated by the Authority.
(2)
The Authority may nominate a person for the purposes of subsection
(l)(b} only if it is satisfied that, if the order was made, the requirements of the grant of the licence would be complied with.
(3) If it appears to the Authority that there is no person it can nominate for the purposes of subsection (l)(b), it may apply to the Court for an order appointing a holder of a capital markets services licence to wind up the collective investment scheme.
(4)
On an application under this section, the Court may make such order as it thinks fit.
(5)
The Authority must give notice in writing of the making of an application under . this section to the operator or the custodian of the collective investment scheme concerned.
(6)
The jurisdiction conferred by this section may be exercised by the High
Court.

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s 228Application to Court

(1)

Where the Authority may give a direction under section 227, it may also apply to the Court for an order -

1398

fa} removing the operator or the custodian or both of them, of the collective investment scheme; and

(b)

replacing the operator or the custodian removed with a suitable person or persons nominated by the Authority.

(2)

The Authority may nominate a person for the purposes of subsection

(l)

(b} only if it is satisfied that, if the order was made, the requirements of the grant of the licence would be complied with.

(3)

If it appears to the Authority that there is no person it can nominate for the purposes of subsection (l)(b), it may apply to the Court for an order appointing a holder of a capital markets services licence to wind up the collective investment scheme.

(4)

On an application under this section, the Court may make such order as it thinks fit.

(5)

The Authority must give notice in writing of the making of an application under . this section to the operator or the custodian of the collective investment scheme concerned.

(6)

The jurisdiction conferred by this section may be exercised by the High

Court.