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2.—(1) This paragraph applies where the Director proposes, in relation to a European investment 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 shall, by notice—
(a)inform the firm that, as the case may be, the Director proposes to impose the prohibition or restriction or vary the the restriction, stating his reasons; and
(b)invite the firm to submit representation as to the proposal in accordance with paragraph 4 below.
(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 shall not come into force before the end of the appeal period.
(5) Where the Director imposes a prohibition or restriction or varies a restriction, he shall serve a copy of the prohibition, restriction or variation—
(a)on the Board; and
(b)on the relevant supervisory authority in the firm’s home State.
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