(1) A requirement under regulation 38 may be expressed to come into effect -
(a) immediately; or
(b) on a specified date.
(2) The time or date on which a requirement under regulation 38 is expressed to come into effect under paragraph (1) must be a time or date that the appropriate regulator considers it necessary for the requirement to come into effect, having regard to the grounds for imposing the requirement.
(3) If the appropriate regulator proposes to impose a requirement on an investment firm, credit institution, or recognised investment exchange, or imposes such a requirement with immediate effect, it must give written notice -
(a) to that investment firm, credit institution, or recognised investment exchange, and
(b) to each person on the management board of the investment firm, credit institution, or recognised investment exchange to whom the requirement relates ("interested party").
(4) A notice given under paragraph (3) must -
(a) give details of the requirement;
(b) identif
…