This section applies where the FCA has imposed a requirement on an institution or a class of institutions under section 313A.
The institution or any of the institutions in the class may apply to the FCA for the revocation of the requirement.
The FCA must decide whether to revoke the requirement.
In the case of a requirement imposed on a class of institutions, the FCA may decide to revoke it in relation to—
the class;
the class apart from one or more specified members of it; or
one or more specified members of the class only.
The FCA must give a warning notice if—
in the case of a requirement imposed on an institution, the FCA proposes not to revoke the requirement, or
in the case of a requirement imposed on a class, the FCA proposes to make a decision which would have the effect that the requirement continues to apply to the applicant (whether or not it would have the effect that it continues to apply to other members of the class).
The warning notice must be given to—
the applicant, and
the issuer of the financial instrument in question (if any).