(1) The appropriate UK regulator may, on an application by a financial institution which is qualified for authorisation under Schedule 3, direct that the firm’s qualification for authorisation under Schedule 3 is cancelled from such date as may be specified in the direction.
(2) The appropriate UK regulator must not give such a direction unless -
(a) the firm has given notice to its home state regulator; and
(b) the appropriate UK regulator has agreed with the home state regulator that the direction should be given.
(3) The date specified in such a direction -
(a) must not be earlier than the date requested in the application; but
(b) subject to that, is to be such date as may be agreed between the appropriate UK regulator and the firm’s home state regulator.
(4) The appropriate UK regulator must, as soon as practicable, send a copy of the direction to the firm and to the firm’s home state regulator.
(5) A firm in respect of which such a direction has been given may (notwithstand
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