(1) For the purpose of implementing a third country decision, the Treasury may direct the appropriate regulator to -
(a) refuse an application for permission under Part 4A made by a body incorporated in, or formed under the law of, any part of the United Kingdom;
(b) defer its decision on such an application either indefinitely or for such period as may be specified in the direction;
(c) give a notice of objection to a person who has served a section 178 notice to the effect that he proposes to acquire a 50% stake in a UK authorised person; or
(d) give a notice of objection to a person who has acquired a 50% stake in a UK authorised person without having served the required section 178 notice.
(2) A direction may also be given in relation to -
(a) any person falling within a class specified in the direction;
(b) future applications, section 178 notices or acquisitions.
(3) The Treasury may revoke a direction at any time.
(4) But revocation does not affect anything done in accordan