Revocation and Refusal of Authorisation and Approval
45. The Agency may revoke the authorisation and approval for a scheme if:
(i) any of the requirements of the scheme are not met; or
(ii) deemed desirable in the interests of the scheme, the scheme participants or potential scheme participants; or
(iii) these Principles or the scheme documents, have been contravened or any false, inaccurate or misleading information has been provided to the Agency or any information which should have been provided to the Agency has not been so provided; or
(iv) the Agency has been so requested by the scheme and/or, as may be appropriate, any one or more of the relevant persons, of the scheme participants.
46. Where the Agency proposes to refuse or revoke authorisation of a scheme (otherwise than in the circumstances described in paragraph 45 (iv) above), it shall give the applicants, or, as the case may be, the scheme and/or, as may be appropriate, the relevant persons, written notice of its intention to do so and the reasons for such action.
47. If it appears to the Agency:
(i) that the requirements for authorisation are no longer satisfied, or
(ii) that the exercise of the powers conferred by these Principles is desirable, or
(iii) that, without prejudice to (ii) above, any provision of these Principles has been contravened, or the Agency has been furnished with false, inaccurate or misleading information,
it may require the cessation of the issue and/or (as may be appropriate) repurchase, redemption, reimbursement or repayment of units on a specified date and/or the winding up of the scheme by a specified date.
48. The Agency may, either of its own volition or on the application of the scheme and/or (as may be appropriate) one or more of the relevant persons, withdraw or vary a direction given under these Principles.