[(1) This section applies to an exercise, by either regulator, of the power to vary an approval under section 63ZB.
(2) A variation takes effect—
(a) immediately, if the notice given under subsection (4) states that that is the case,
(b) on such date as is 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 may be expressed to take effect immediately (or on a specified date) only if the regulator concerned, having regard to the ground on which it is exercising the power to vary, reasonably considers that it is necessary for the va
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