A direction under section 271L takes effect—
A direction under section 271L may be expressed to take effect immediately or on a specified day only if the FCA, having regard to its reason for giving the direction, reasonably considers that it is necessary for the direction to take effect immediately or on that day (as appropriate).
If the FCA proposes to give a direction under section 271L, or gives such a direction with immediate effect, it must give written notice to—
The notice must—
The FCA may extend the period allowed under the notice for making representations.
The FCA must give written notice to the operator and (if any) the trustee or depositary of the scheme concerned if, having considered any representations made, the FCA decides—
The FCA must give written notice to the operator and (if any) the trustee or depositary of the scheme concerned if, having considered any representations made, the FCA decides—
A notice under subsection (6) must set out the recipient's right to refer the matter to the Tribunal.
A notice under subsection (7)(b) must comply with subsection (4).
Where a notice sets out the right of the recipient 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 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).