If the appropriate regulator proposes to exercise the group restructuring powers in relation to any authorised person or qualifying parent undertaking ("the person concerned"), the regulator must give each of the relevant persons a notice (a "preliminary notice").
The preliminary notice must—
state that it is a preliminary notice,
state that the regulator proposes to exercise the group restructuring powers,
state the action which the regulator proposes to take in the exercise of those powers,
be in writing, and
give reasons for the proposed action (which must include the regulator's reasons for being satisfied as to the matters mentioned in section 142K(1)).
The appropriate regulator must give a copy of the preliminary notice to the Treasury.
The preliminary notice must specify a reasonable period (which may not be less than 14 days) within which any of the relevant persons may make representations to the regulator.
The relevant persons are—
the person concerned,
the ring-fenced body, if not the person concerned, and
any other authorised person who will, in the opinion of the appropriate regulator, be significantly affected by the exercise of the group restructuring powers.