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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 June 2013 - onwards
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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;

(b) inform the person to whom it is given of when the direction takes effect;

(c) state the FCA's reasons f

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