Dealing in investments as principal: exercise of power to designateU.K.
4.—(1) This article applies to an exercise of the PRA's power to designate under article 3.
(2) The designation takes effect—
(a)immediately, if the notice given under paragraph (4) states that this is the case; or
(b)on such date as is specified in the notice.
(3) A designation may be expressed to take effect immediately only if the PRA considers that it is necessary for the designation to take effect immediately.
(4) If the PRA proposes to designate a person under article 3, or to designate a person under that article with immediate effect, it must give the person concerned (“P”) written notice.
(5) The notice must—
(a)state the reasons for the designation;
(b)inform P of when the designation takes effect and state the reasons for the PRA's determination as to when the designation takes effect;
(c)inform P that P may make representations to the PRA within such period as may be specified in the notice (whether or not P has referred the matter to the Tribunal); and
(d)inform P of P's right to refer the matter to the Tribunal.
(6) The PRA may extend the period allowed under the notice for making representations.
(7) If, having considered any representations made by P, the PRA decides—
(a)to designate P; or
(b)if P has already been designated, not to rescind the designation,
the PRA must give P written notice.
(8) If, having considered any representations made by P, the PRA decides—
(a)not to designate P; or
(b)to rescind a designation which has taken effect,
the PRA must give P written notice.
(9) A notice under paragraph (7) must inform P of P's right to refer the matter to the Tribunal.
(10) If a notice informs P of P's right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
(11) A person who is aggrieved by the exercise of the PRA's power to designate under article 3 may refer the matter to the Tribunal.