Powers to vary or revoke orders, notices or directions etc.
96.—(1) The Regulator may vary or revoke—
(a)any determination by the Regulator whether to exercise a regulatory function, or
(b)any order, notice or direction made, issued or given by the Regulator in the exercise of a regulatory function.
(2) Paragraph (1)(b) does not apply to—
(a)an order under Article 3(3) of the 1995 Order revoking a prohibition order under that Article,
(b)an order under Article 4(5) of that Order revoking a suspension order under that Article,
(c)a direction under Article 4(3) of the 1999 Order refusing to register a scheme under that Article or removing a scheme from the register of stakeholder pension schemes, or
(d)such other orders, notices or directions made, issued or given by the Regulator, in the exercise of a regulatory function, as may be prescribed.
(3) A variation or revocation of an order, a notice or a direction must be made by an order, notice or direction (as the case may be).
(4) A variation or revocation made under this Article must take effect from a specified time which must not be a time earlier than the time when the variation or revocation is made.
(5) The power to vary or revoke under this Article—
(a)is not to be treated for the purposes of paragraph (1) as a regulatory function, and
(b)is in addition to any such power which is conferred on the Regulator by, or by virtue of, this or any other statutory provision.