321 Requirements imposed under section 320
321 Requirements imposed under section 320

(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] within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);