(1) A direction takes effect -
(a) immediately, if the notice given under paragraph (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 may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its power under regulation 25, considers that it is necessary for the direction to take effect immediately (or on that date).
(3) If the Authority proposes to give a direction under regulation 25, or gives such a direction with immediate effect, it must give separate written notices to the company and its depositary.
(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 Authority’s reasons for giving the direction and for its determination as to when the d
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