(1) A requirement imposed on an institution under section 313A (a "relevant requirement") takes effect -
(a) immediately, if the notice given under subsection (2) states that this is the case;
(b) in any other case, on such date as may be specified in the notice.
(2) If the FCA proposes to impose a relevant requirement on an institution, or a class of institutions, or imposes such a requirement with immediate effect, it must give notice -
(a) by written notice to -
(i) the institution or, as the case may be, each institution in the class, and
(ii) the issuer of the financial instrument in question (if any); or
(b) by publishing a notice by means of a regulatory information service.
(3) A notice given under subsection (2)(a) must -
(a) give details of the relevant requirement;
(b) state the FCA's reasons for imposing the requirement and choosing the date on which it took effect or takes effect;
(c) inform the recipient that he may make representations to the FCA within such period as ma
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