(1) A warning notice must—
(a) state the action which the [regulator giving the notice (“the regulator concerned”)] proposes to take;
(b) be in writing;
(c) give reasons for the proposed action;
(d) state whether section 394 applies; and
(e) if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it.
[(1A) Where the PRA is the regulator concerned and the FCA proposes to refuse consent for the purposes of section 55F, 55I or 59 or to give conditional consent as mentioned in section 55F(5)[, 55I(8) or 61(2D)], the warning notice given by the PRA must—
(a) state that fact, and
(b) give the reasons for the FCA's proposal.]
(2) [A warning] notice must specify a reasonable period (which may not be less than [14 days]) within which the person to whom it is given may make representations to the [regulator concerned].
(3) [The regulator concerned] may extend the period specified in the notice.
[(3A) Where the PRA receives any representations in response to a warning notice given by it under section 55X(1) or (2) or 62(2) in a case falling within subsection (1A) it must—
(a) if the representations are in writing, give a copy to the FCA, or
(b) if they are not in writing and have not been given directly to the FCA by the person making them, provide the FCA with a record of them.]
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