If, after the power to give risk-mitigation directions becomes exercisable under section 12A(1) in relation to a local authority—
at least 12 months have elapsed since the Secretary of State last became aware of a trigger event having occurred in relation to the authority,
any risk-mitigation direction given to the authority has been complied with or revoked, and
the Secretary of State is satisfied no further risk-mitigation direction is likely to be required in the foreseeable future for the purpose of reducing or mitigating the financial risk to the authority,
the Secretary of State must give the local authority a notice to that effect ("a cessation notice").
Where a cessation notice is given, the power conferred by section 12A(1) is no longer exercisable, in relation to that authority, by reason of any trigger event of which the Secretary of State was aware at the time that notice was given.
In this section "risk-mitigation direction", "trigger event" and "financial risk" have the same meaning as in section 12A.