(1) A suspension under regulation 63 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 suspension may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is suspending the AIFM's entitlement to market, considers that it is necessary for the suspension to take effect immediately (or on that date).
(3) If the FCA proposes to suspend an AIFM's entitlement to market an AIF, or suspends such entitlement with immediate effect -
(a) it must give separate written notice to the AIFM and (if applicable) the third country AIF custodian of that AIF; and
(b) the AIFM or the third country AIF custodian may refer the matter to the Tribunal.
(4) A notice under paragraph (3)(a) must -
(a) give details of the suspensi
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