(1) When the FCA exercise its functions under regulation 21, its decision takes effect-
(a) immediately, if the notice under paragraph (3) states that is the case;
(b) on such other a 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) A decision of the FCA made under regulation 21 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 exercising this power, reasonably considers that it is necessary for the decision to take effect immediately (or on that date).
(3) If the FCA proposes to exercise, or exercises, its functions under regulation 21, it must give the originator or sponsor a written notice.
(4) The notice must -
(a) give details of the temporary ban or variation;
(b) state the FCA's reasons for the temporary ban, or the revocation of the temporary ban or the variation of the temporary ban;
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