1. A direction may only be given, amended or revoked by the FCA under Article 14 ("an FCA direction") with the approval of the Treasury.

2. An FCA direction -

(a) may specify different countries in relation to different financial instruments;

(b) must specify the date on which the direction comes into effect and the financial instruments or class of instruments to which it applies;

(c) may be amended or revoked.

3. The Treasury may refuse to approve an FCA direction if it appears to the Treasury that -

(a) the giving of that direction would prejudice any current or proposed negotiations for an international agreement between the United Kingdom and one or more other countries, international organisations or institutions; or

(b) there are grounds under section 410 (international obligations) [Section 410 was amended by section 16 of the Financial Services Act 2012 (c.21) and S.I. 2017/1064.] of FSMA to direct the FCA not to give that direction.

4. For the purposes of paragraph 3, "international organisations" includes the European Union.