(1) Before imposing a sanction on a person the Bank of England must -

(a) give the person a notice ("a warning notice"),

(b) give the person at least 21 days from the date of the notice to make representations,

(c) consider any representations made, and

(d) as soon as reasonably practicable, give the person a notice stating whether the Bank intends to impose the sanction.

(2) In subsection (1), "imposing a sanction" means -

(a) publishing details under section 206S;

(b) requiring the payment of a penalty under section 206T;

(c) giving a closure order under section 206U;

(d) making an order under section 206V.

(3) Despite subsection (1), if satisfied that it is necessary, the Bank may without notice -

(a) give a closure order under section 206U, or

(b) make an order under section 206V.