http://www.legislation.gov.uk/ukpga/2000/8/section/197/2002-08-21Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-07-012002-07-18 Part XIII Incoming Firms: Intervention by Authority Exercise of power of intervention Procedure on exercise of power of intervention.1971A requirement takes effect—aimmediately, if the notice given under subsection (3) states that that is the case;bon such date as may be specified in the notice; orcif no date is specified in the notice, when the matter to which it relates is no longer open to review.2A requirement may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its power of intervention, considers that it is necessary for the requirement to take effect immediately (or on that date).3If the Authority proposes to impose a requirement under section 196 on an incoming firm, or imposes such a requirement with immediate effect, it must give the firm written notice.4The notice must—agive details of the requirement;binform the firm of when the requirement takes effect;cstate the Authority’s reasons for imposing the requirement and for its determination as to when the requirement takes effect;dinform the firm that it may make representations to the Authority within such period as may be specified in the notice (whether or not it has referred the matter to the Tribunal); andeinform it of its right to refer the matter to the Tribunal.5The Authority may extend the period allowed under the notice for making representations.6If, having considered any representations made by the firm, the Authority decides—ato impose the requirement proposed, orbif it has been imposed, not to rescind the requirement,it must give it written notice.7If, having considered any representations made by the firm, the Authority decides—anot to impose the requirement proposed,bto impose a different requirement from that proposed, orcto rescind a requirement which has effect,it must give it written notice.8A notice given under subsection (6) must inform the firm of its right to refer the matter to the Tribunal.9A notice under subsection (7)(b) must comply with subsection (4).10If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.S. 197 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(5); S.I. 2001/3538, art. 2(1)S. 197 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 61(4), 110(5), 115(4) (with art. 23(2))S. 197 wholly in force at 1.12.2001; s. 197 not in force at Royal Assent see s. 431(2); s. 197 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 197 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)S. 197(1)(c) excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 18(5), 21(4) (with art. 23(2))S. 197(3) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 12(1), 18(1)(a), 20(1) (with art. 23(2))S. 197(3) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 72(2) (with art. 23(2))S. 197(7) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 23(1) (with art. 23(2))Pt. 13 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))Pt. 13 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 32; S.I. 2001/3538, art. 2(1)Pt. 13 extended (5.10.2001 for specified purposes otherwise 1.12.2001) by S.I. 2001/3084, art. 2(7); S.I. 2001/3538, art. 2(1)Pt 13 excluded (1.12.2001) by S.I. 2001/3592, art. 107(2) (with art. 23(2))