[55Y Exercise of own-initiative power: procedure]
[55Y Exercise of own-initiative power: procedure]

[(1)     This section applies to an exercise of either regulator's own-initiative variation power or own-initiative requirement power in relation to an authorised person (“A”).

(2)     A variation of a permission or the imposition or variation of a requirement takes effect—

(a)     immediately, if the notice given under subsection (4) 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 the notice relates is no longer open to review.

(3)     A variation of a permission, or the imposition or variation of a requirement, may be expressed to take effect immediately (or on a specified date) only if the regulator concerned, having regard to the ground on which

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