F1PART 7Transitional and saving provision: exemption from the general prohibition
CHAPTER 3Exemption from the general prohibition: regulation
Variation and cancellation: procedure56
1
In an urgent case, if a regulator decides to exercise the power under regulation 55(1), it must give a decision notice to the person to whom the decision relates.
2
A decision notice under paragraph (1) must state when the decision takes effect (which may be immediately upon receipt).
3
In any other case—
a
if a regulator proposes to exercise the power under regulation 55(1), it must give the person a warning notice;
b
if a regulator decides to exercise the power under regulation 55(1), it must give the person a decision notice.
4
Part 26 of the 2000 Act (notices) applies to a notice under paragraph (3) as it applies to a notice given under that Act.
5
For the purposes of this regulation, an urgent case is one in which the regulator reasonably considers it necessary for the decision to take effect as stated in the decision notice.
Pt. 7 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 3