(1) A requirement takes effect -
(a) immediately, if the notice given under subsection (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 requirement may be expressed to take effect immediately (or on a specified date) only if the regulator, having regard to the ground on which it is exercising its power of intervention, considers that it is necessary for the requirement to take effect immediately (or on that date).
(3) If a regulator proposes to impose a requirement under section 196 on an incoming firm, or imposes such a requirement with immediate effect, it must give the firm written notice.
(4) The notice must -
(a) give details of the requirement;
(b) inform the firm of when the requirement takes effect;
(c) state the regulator's reasons for imposing the requirement and for its determination as to when the requirement takes ef