Interpretation
3. In this Part -
"prohibition" means a credit prohibition imposed under paragraph 1(1) or (2) of Part 1 of this Schedule; and
"restriction" means a restriction imposed under paragraph 2(2) or (3) of Part 1 of this Schedule.
Notice of prohibition or restriction
(1) A prohibition or restriction takes effect -
(a) immediately, if the relevant notice 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 the notice relates is no longer open to review.
(2) An institution which is aggrieved by the imposition of a prohibition or a restriction by a notice given under this paragraph may refer the matter to the Upper Tribunal.
(3) A prohibition or restriction may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is imposing the prohibition or restriction, reasonably considers that it is nec