A direction under section 261X or 261Z takes effect—
A direction under section 261X may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is exercising its power under that section, considers that it is necessary for the direction to take effect immediately (or on that date).
If the FCA proposes to give a direction under section 261X or 261Z, or gives a direction under either section with immediate effect, it must give separate written notice to the operator and the depositary of the scheme concerned.
The notice must—
If the direction imposes a requirement under section 261X(2)(a), the notice must state that the requirement has effect until—
If the direction is given under section 261X(2)(b) or section 261Z(2) or (4), the scheme must be wound up—
The FCA may extend the period allowed under the notice for making representations.
If, having considered any representations made by a person to whom the notice was given, the FCA decides—
it must give separate written notice to the operator and the depositary of the scheme concerned.
If, having considered any representations made by a person to whom the notice was given, the FCA decides—
it must give separate written notice to the operator and the depositary of the scheme concerned.
A notice given under subsection (8) must inform the persons to whom it is given of the right to refer the matter to the Tribunal.
A notice under subsection (9)(b) must comply with subsection (4).
If a notice informs a person of the right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
This section applies to the variation of a direction on the FCA's own initiative as it applies to the giving of a direction.
For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).