(1) A direction under section 271L takes effect -
(a) immediately, if the notice given under subsection (3) states that to be the case,
(b) on a day specified in the notice, or
(c) if no day is specified in the notice, when the matter to which it relates is no longer open to review.
(2) A direction under section 271L may be expressed to take effect immediately or on a specified day only if the FCA, having regard to its reason for giving the direction, reasonably considers that it is necessary for the direction to take effect immediately or on that day (as appropriate).
(3) If the FCA proposes to give a direction under section 271L, or gives such a direction with immediate effect, it must give written notice to -
(a) the operator of the scheme, and
(b) the trustee or depositary of the scheme (if any).
(4) The notice must -
(a) set out details of the direction,
(b) set out when the direction takes effect,
(c) state the FCA's reasons for giving the direction and for its determination as t
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