[(1) A direction under section 271L takes effect—
(a) immediately, if the notice given under subsection (3) states that to be the case,
(b) on a day specified in the notice, or
(c) if no day is specified in the notice, when the matter to which it relates is no longer open to review.
(2) A direction under section 271L may be expressed to take effect immediately or on a specified day only if the FCA, having regard to its reason for giving the direction, reasonably considers that it is necessary for the direction to take effect immediately or on that day (as appropriate).
(3) If th
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