Textual Amendments
F1Pt. 12A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 27, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
(1)If a regulator proposes to give a direction under section 192C, or gives such a direction with immediate effect, it must give written notice to—
(a)the parent undertaking to which the direction is given (or to be given) (“P”), and
(b)any authorised person or recognised investment exchange who will, in the opinion of the regulator, be significantly affected by the direction.
(2)In the following provisions of this section “notified person” means a person to whom notice under subsection (1) is given.
(3)A direction under section 192C takes effect—
(a)immediately, if the notice under subsection (1) states that that is the case,
(b)on such other date as may be specified in the notice, or
(c)if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
(4)A direction may be expressed to take effect immediately (or on a specified date) only if the regulator reasonably considers that it is necessary for the direction to take effect immediately (or on that date).
(5)The notice under subsection (1) must—
(a)give details of the direction,
(b)state the regulator's reasons for the direction and for its determination as to when the direction takes effect,
(c)inform the notified person that the person may make representations to the regulator within such period as may be specified in the notice (whether or not the notified person has referred the matter to the Tribunal), and
(d)inform the notified person of the person's right to refer the matter to the Tribunal.
(6)The regulator may extend the period allowed under the notice for making representations.
(7)If, having considered any representations made by any notified person, the regulator decides—
(a)to give the direction proposed, or
(b)if the direction has been given, not to revoke the direction,
it must give each of the notified persons written notice.
(8)If, having considered any representations made by any notified person, the regulator decides—
(a)not to give the direction proposed,
(b)to give a different direction, or
(c)to revoke a direction which has effect,
it must give each of the notified persons written notice.
(9)A notice given under subsection (7) must inform the notified person of the person's right to refer the matter to the Tribunal.
(10)A notice under subsection (8)(b) must comply with subsection (5).
(11)If a notice informs the notified person of the person's right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
(12)For the purposes of subsection (3)(c), whether a matter is open to review is to be determined in accordance with section 391(8).]