http://www.legislation.gov.uk/ukpga/2000/8/section/268/2002-08-21Financial 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 Database2026-04-072002-07-18 Part XVII Collective Investment SchemesChapter V Recognised Overseas Schemes Schemes constituted in other <Acronym Expansion="European Economic Area">EEA</Acronym> States Procedure on giving directions under section 267 and varying them on Authority’s own initiative.2681A direction under section 267 takes effect—aimmediately, if the notice given under subsection (3)(a) 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 direction may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to its reasons for exercising its power under section 267, considers that it is necessary for the direction to take effect immediately (or on that date).3If the Authority proposes to give a direction under section 267, or gives such a direction with immediate effect, it must—agive the operator of the scheme concerned written notice; andbinform the competent authorities in the scheme’s home State of its proposal or (as the case may be) of the direction.4The notice must—agive details of the direction;binform the operator of when the direction takes effect;cstate the Authority’s reasons for giving the direction and for its determination as to when the direction takes effect;dinform the operator that he may make representations to the Authority within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); andeinform him of his right to refer the matter to the Tribunal.5The Authority may extend the period allowed under the notice for making representations.6Subsection (7) applies if, having considered any representations made by the operator, the Authority decides—ato give the direction in the way proposed, orbif it has been given, not to revoke the direction.7The Authority must—agive the operator of the scheme concerned written notice; andbinform the competent authorities in the scheme’s home State of the direction.8Subsection (9) applies if, having considered any representations made by a person to whom the notice was given, the Authority decides—anot to give the direction in the way proposed,bto give the direction in a way other than that proposed, orcto revoke a direction which has effect.9The Authority must—agive the operator of the scheme concerned written notice; andbinform the competent authorities in the scheme’s home State of its decision.10A notice given under subsection (7)(a) must inform the operator of his right to refer the matter to the Tribunal.11A notice under subsection (9)(a) given as a result of subsection (8)(b) must comply with subsection (4).12If 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.13This section applies to the variation of a direction on the Authority’s own initiative as it applies to the giving of a direction.14For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).