Directions and revocation: procedure
38.—(1) Paragraphs (2) to (4) apply if—
(a)the Authority gave a notice under section 298(1) (directions and revocation: procedure) (including a written notice under section 298 as applied by section 290(5) or section 290A(5)(2) (refusal of recognition on ground of excessive regulatory provision)) to a recognised clearing house before the commencement date; and
(b)the end of the period for making representations is, or is after, the commencement date.
(2) The notice is to be treated as if it had been given by the Bank of England.
(3) Any representations made to the Authority before the commencement date are to be treated as if they had been made to the Bank of England.
(4) Representations may be made to the Bank of England before the end of the period specified in the notice.
Section 298 was amended by S.I. 2007/126, and is further amended by the 2012 Act, section 32 and Schedule 8, paragraph 16.
Section 290A was inserted by the Investment Exchanges and Clearing Houses Act 2006 (c.55), section 4 and is amended by the 2012 Act, Schedule 8, paragraph 7.