268 Procedure on giving directions under section 267 and varying them on [FCA's] own initiative
268 Procedure on giving directions under section 267 and varying them on [FCA's] own initiative

(1)     A direction under section 267 takes effect—

(a)     immediately, if the notice given under subsection (3)(a) 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 may be expressed to take effect immediately (or on a specified date) only if the [FCA], having regard to its reasons for exercising its power under section 267, 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 267, or gives such a direction with immediate effect, it must—

(a)     give the operator of the scheme concerned written notice; and

(b)     inform the competent authorities in the scheme's home State of its proposal or (as the case may be) of the direction.

(4)     The notice must—

(a)     give details of the direction;

(b)     inform the operator of when the direction takes effect;