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Version date: 1 July 2021
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Article 49A Temporary prohibitions and restrictions: procedure

1. A temporary prohibition or restriction under Article 49(A1) takes effect -

(a) immediately, if the notice given under paragraph 3 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 it relates is no longer open to review.

2. A temporary prohibition or restriction under Article 49(A1) 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 taking that action, reasonably considers that it is necessary for it to take effect immediately or (as appropriate) on that date.

3. The FCA must give written notice to a third-country firm if -

(a) it proposes to take action in relation to the firm under Article 49(A1), or

(b) it takes action in relation to the firm under Article 49(A1) with immediate effect.

4. The notice must -

(a) give details of the temporary prohibition or restriction,

(b) inform the firm when the prohibi

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