(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);
(d) inform him of the date on which the requirement took effect or will take effect; and
(e) inform him of his right to refer the matter to the Tribunal.
(4) The PRA may extend the period allowed under the notice for making representations.
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