(1) Where the Bank has reason to believe that a person who has a qualifying holding in the shares of, or voting rights attaching to shares in, an investment firm is exercising an influence on the direction of the affairs of the investment firm which is, or is likely to be, prejudicial to the prudent and sound management of the investment firm, it shall, subject to paragraph (2), notify the person that it so believes and direct the person in writing to take specified measures to bring that influence to an end within a specified period.
(2) Before issuing a direction to a person under paragraph (1), the Bank shall notify the person of its intention to issue the direction and shall give the person an opportunity to make such representations on the matter as he or she may wish to make within a period specified by the Bank in the notification.
(3) A direction issued under paragraph (1) is an appealable decision for the purposes of Part VIIA of the Act of 1942.
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