(1) The FCA may exercise its powers of direction under paragraph (5) or (6) in writing in relation to an Annex 1 financial institution.
(2) A direction may be imposed before, on or after registration, as the FCA considers appropriate.
(3) A direction may be imposed for the purpose of -
(a) remedying a failure to comply with a requirement under these Regulations;
(b) preventing a failure to comply, or continued non-compliance with a requirement under these Regulations;
(c) preventing the Annex 1 financial institution from being used for money laundering, terrorist financing or proliferation financing.
(4) A direction may require or prohibit the taking of specified action.
(5) The FCA may, on its own initiative -
(a) impose a new direction;
(b) vary a direction imposed under this regulation; or
(c) rescind such a direction.
(6) The FCA may, on the request of an Annex 1 financial institution -
(a) impose a new direction;
(b) vary a direction imposed under this regulation; or
(c) rescind
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