10.—(1) Before giving a direction under regulation 9 the FCA must give written notice of its intention to do so to the non-authorised counterparty concerned.
(2) A notice under paragraph (1) must—
(a)state why the FCA intends to give the direction; and
(b)state a period of time during which representations may be made to the FCA about the proposed direction.
(3) Before the end of the period for making representations, the non-authorised counterparty may make representations to the FCA.
(4) The period for making representations may, in any particular case, be extended by the FCA.
(5) In deciding whether to give a direction, the FCA must have regard to any representations made in accordance with paragraph (3).
(6) When the FCA has decided whether to give a direction under regulation 9, it must give the non-authorised counterparty written notice of its decision.
(7) If the FCA considers it necessary to do so, it may give a direction under regulation 9—
(a)without following the procedure set out in this regulation; or
(b)if the FCA has begun to follow that procedure, regardless of whether the period for making representations has expired.
(8) If the FCA gives a direction in reliance on paragraph (7) it must, within a reasonable time of giving the direction, give the non-authorised counterparty a statement of its reasons—
(a)for giving the direction; and
(b)for relying on paragraph (7).
(9) If the FCA gives a non-authorised counterparty a direction under regulation 9, the non-authorised counterparty may refer the matter to the Tribunal.
(10) If the FCA has, in relation to a particular matter, followed the procedure set out in paragraphs (1) to (5), it need not follow it again if, in relation to that matter, it decides to take action other than that specified in its notice under paragraph (1).