Textual Amendments
F1S. 278 crossheading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 22
(1)A direction takes effect—
(a)immediately, if the notice given under subsection (3) states that that is the case;
(b)on such date as may be specified in the notice; or
(c)if no date is specified in the notice, when the matter to which it relates is no longer open to review.
(2)A direction may be expressed to take effect immediately (or on a specified date) only if the [F2FCA], having regard to the ground on which it is exercising its power under section 281, considers that it is necessary for the direction to take effect immediately (or on that date).
(3)If the [F2FCA] proposes to give a direction under section 281, or gives such a direction with immediate effect, it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
(4)The notice must—
(a)give details of the direction;
(b)inform the person to whom it is given of when the direction takes effect;
(c)state the [F2FCA's] reasons for giving the direction and for its determination as to when the direction takes effect;
(d)inform the person to whom it is given that he may make representations to the [F2FCA] within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and
(e)inform him of his right to refer the matter to the Tribunal.
(5)The [F2FCA] may extend the period allowed under the notice for making representations.
(6)If, having considered any representations made by a person to whom the notice was given, the [F2FCA] decides—
(a)to give the direction in the way proposed, or
(b)if it has been given, not to revoke the direction,
it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
(7)If, having considered any representations made by a person to whom the notice was given, the [F2FCA] decides—
(a)not to give the direction in the way proposed,
(b)to give the direction in a way other than that proposed, or
(c)to revoke a direction which has effect,
it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
(8)A notice given under subsection (6) must inform the person to whom it is given of his right to refer the matter to the Tribunal.
(9)A notice under subsection (7)(b) must comply with subsection (4).
(10)If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
(11)This section applies to the variation of a direction on the [F2FCA's] own initiative as it applies to the giving of a direction.
(12)For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
Textual Amendments
F2Word in ss. 271-283B substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.