(1) Before giving a direction under regulation 9 the FCA must give written notice of its intention to do so to the non-authorised counterparty concerned.
(2) A notice under paragraph (1) must -
(a) state why the FCA intends to give the direction; and
(b) state a period of time during which representations may be made to the FCA about the proposed direction.
(3) Before the end of the period for making representations, the non-authorised counterparty may make representations to the FCA.
(4) The period for making representations may, in any particular case, be extended by the FCA.
(5) In deciding whether to give a direction, the FCA must have regard to any representations made in accordance with paragraph (3).
(6) When the FCA has decided whether to give a direction under regulation 9, it must give the non-authorised counterparty written notice of its decision.
(7) If the FCA considers it necessary to do so, it may give a direction under regulation 9 -
(a) without following the procedure
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