(1) If a regulator proposes to give a direction under section 192C, or gives such a direction with immediate effect, it must give written notice to -
(a) the parent undertaking to which the direction is given (or to be given) ("P"), and
(b) any authorised person or recognised investment exchange who will, in the opinion of the regulator, be significantly affected by the direction.
(2) In the following provisions of this section "notified person" means a person to whom notice under subsection (1) is given.
(3) A direction under section 192C takes effect -
(a) immediately, if the notice under subsection (1) states that that is the case,
(b) on such other date as may be specified in the notice, or
(c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
(4) A direction may be expressed to take effect immediately (or on a specified date) only if the regulator reasonably considers that it is necessary for the direction to t
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