Section 229
of Securities Markets Order, 2013
Section 229
(a)
immediately, if the notice given states that that is the case; or
(b)
on such date as may be specified in the notice.
(2)
A direction may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its powers, thinks that it is necessary for the direction to take effect immediately (or on a specified date).
(3)
If the Authority proposes to give a direction or gives such a direction with immediate effect, it must give a separate notice in writing to the operator and the custodian, as the case may be, of the collective investment scheme.
(4)
The notice must -
(a} give details of the direction;
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{b)
inform the person to whom it is given of when the direction takes effect;
{c)
state the Authority's reasons for giving the direction and for its determination as to when the direction takes effect;
(d)
inform the person to whom it is given that he may make representations to the Authority within such period as may be specified in it
!whether or not he has referred the matter to the Panel); and
{e)
inform that person of the right to refer the matter to the Panel.
(5)
If, having considered any representations made by a person to whom the notice was given, the Authority decides-
{a)
to give the direction in the way proposed; or
{b) if it has been given, not to revoke the direction, it must give separate notice in writing to the operator and the custodian, as the case may be, of the collective investment scheme.
(6)
If, having considered any representations made by a person to whom the notice was given, the Authority decides-
{a)
not to give the direction in the way proposed;
{b)
to give the direction in a way other than that proposed; or
(c)
to revoke a direction which has effect, it must give separate notice in writing to the operator and the custodian, as the case may be, of the collective investment scheme.
(7)
The Panel has jurisdiction to hear and determine any appeal in relation to a decision made under this section.