[89M Procedure under section 89L]
[89M Procedure under section 89L]

[(1)     A requirement under section 89L takes effect—

(a)     immediately, if the notice under subsection (2) states that that is the case;

(b)     in any other case, on such date as may be specified in the notice.

(2)     If the [FCA]—

(a)     proposes to exercise the powers in section 89L in relation to a person, or

(b)     exercises any of those powers in relation to a person with immediate effect,

it must give that person written notice.

(3)     The notice must—

(a)     give details of the [FCA's] action or proposed action;

(b)     state the [FCA's] reasons for taking the action in question and choosing the date on which it took effect or takes effect;

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