(1) If, on an application under subsection (4) or (5) of section 267, the FCA proposes -
(a) to vary a direction otherwise than in accordance with the application, or
(b) to refuse the application,
it must give the operator of the scheme concerned a warning notice.
(2) If, on such an application, the FCA decides -
(a) to vary a direction otherwise than in accordance with the application, or
(b) to refuse the application,
it must give the operator of the scheme concerned a decision notice.
(3) If the application is refused, the operator of the scheme may refer the matter to the Tribunal.
(4) If, on such an application, the FCA decides to grant the application it must give the operator of the scheme concerned written notice.
(5) If the FCA decides on its own initiative to revoke a direction given under section 267 it must give the operator of the scheme concerned written notice.
(6) The FCA must inform the competent authorities in the scheme's home State of any notice given under th