Section 12Part 4 — Procedures and Licensing in Relation to Directions
Specific directions: notification and duration of direction
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This section applies in relation to a direction that is given to a particular person.
Where the Financial Reporting Authority gives a direction, it shall give notice of the direction to that particular person.
The direction, if not previously revoked and whether or not varied, ceases to have effect at the end of the period of one year beginning with the day on which the direction is given.
The application of subsection (3) is without prejudice to the giving of a further direction by the Financial Reporting Authority.
The Financial Reporting Authority may vary or revoke the direction at any time.
Where the direction to a particular person is varied or ceases to have effect, whether on revocation or otherwise, the Financial Reporting Authority shall give notice of that fact to that particular person.