259 Procedure on giving directions under section 257 [or 258A] and varying them on [FCA's] own initiative
259 Procedure on giving directions under section 257 [or 258A] and varying them on [FCA's] own initiative

(1)     A direction [under section 257 or 258A] takes effect—

(a)     immediately, if the notice given under subsection (3) 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 it relates is no longer open to review.

(2)     A direction [under section 257] may be expressed to take effect immediately (or on a specified date) only if the [FCA], having regard to the ground on which it is exercising its power under [that section], considers that it is necessary for the direction to take effect immediately (or on that date).

(3)     If the [FCA] proposes to give a direction under [section 257 or 258A, or gives a direction under either section] with immediate effect, it must give separate written notice to the manager and the trustee of the scheme concerned.

(4)     The notice must—

(a)     give details of the direction;

. . .
270 . . .
271 . . .

Popular documents