(1)A requirement takes effect—
(a)immediately, if the notice given under subsection (3) states that that is the case;
(b)on such date as may be specified in the notice; or
(c)if no date is specified in the notice, when the matter to which it relates is no longer open to review.
(2)A 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).
(3)If 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.
(4)The notice must—
(a)give details of the requirement;
(b)inform the firm of when the requirement takes effect;
(c)state the Authority’s reasons for imposing the requirement and for its determination as to when the requirement takes effect;
(d)inform 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); and
(e)inform it of its right to refer the matter to the Tribunal.
(5)The Authority may extend the period allowed under the notice for making representations.
(6)If, having considered any representations made by the firm, the Authority decides—
(a)to impose the requirement proposed, or
(b)if it has been imposed, not to rescind the requirement,
it must give it written notice.
(7)If, having considered any representations made by the firm, the Authority decides—
(a)not to impose the requirement proposed,
(b)to impose a different requirement from that proposed, or
(c)to rescind a requirement which has effect,
it must give it written notice.
(8)A notice given under subsection (6) must inform the firm of its right to refer the matter to the Tribunal.
(9)A notice under subsection (7)(b) must comply with subsection (4).
(10)If 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.