[(1) If the appropriate regulator proposes to exercise the group restructuring powers in relation to any authorised person or qualifying parent undertaking (“the person concerned”), the regulator must give each of the relevant persons a notice (a “preliminary notice”).
(2) The preliminary notice must—
(a) state that it is a preliminary notice,
(b) state that the regulator proposes to exercise the group restructuring powers,
(c) state the action which the regulator proposes to take in the exercise of those powers,
(d) be in writing, and
(e) give reasons for the proposed action (which must include the regulator's reasons for being
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