(1) A requirement imposed under section 320 takes effect—
(a) immediately, if the notice given under subsection (2) states that that is the case;
(b) in any other case, on such date as may be specified in that notice.
(2) If [the PRA] proposes to impose a requirement on a former underwriting member (“A”) under section 320, or imposes such a requirement on him which takes effect immediately, it must give him written notice.
(3) The notice must—
(a) give details of the requirement;
(b) state [the PRA's] reasons for imposing it;
(c) inform A that he may make representations to the [PRA]
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