This is the original version (as it was originally enacted).
2(1)This paragraph applies if the Director proposes, in relation to a firm—
(a)to impose a prohibition;
(b)to impose a restriction; or
(c)to vary a restriction otherwise than with the agreement of the firm.
(2)The Director must by notice—
(a)inform the firm of his proposal, stating his reasons; and
(b)invite the firm to submit representations in accordance with paragraph 4.
(3)If he imposes the prohibition or restriction or varies the restriction, the Director may give directions authorising the firm to carry into effect agreements made before the coming into force of the prohibition, restriction or variation.
(4)A prohibition, restriction or variation is not to come into force before the end of the appeal period.
(5)If the Director imposes a prohibition or restriction or varies a restriction, he must serve a copy of the prohibition, restriction or variation—
(a)on the Authority; and
(b)on the firm’s home state regulator.
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