Section 239
of Securities Markets Order, 2013
Section 239
(2)
If the Authority refuses to rescind or vary a prohibition or requirement on the application of the person to whom it applies, it shall give that person a notice in writing of the refusal not later than 30 days after the decision to refuse was made.
(3)
A notice imposing a prohibition or requirement, or varying a prohibition or requirement otherwise than on the application of the person to whom it applies, and a notice under subsection (2) shall state the reasons for which the prohibition or requirement was imposed or varied or why the application was refused.
(4)
Where the reasons stated in a notice to which subsection (3) applies relate specifically to matters which -
{a)
refer to a person identified in the notice other than the person to whom the prohibition or requirement applies; and
{b) are in the opinion of the Authority prejudicial to that person in any office or employment, the Authority shall, unless it considers it impracticable to do so, give a copy of the notice on that person.
(5)
A notice to which subsection (3) applies, shall give 'particulars of the right to have the case referred to the Panel not later than 15 days after receipt of the notice.
(6)
The Authority may give public notice of any prohibition or requirement imposed by it under this Order and of the rescission and variation of any such prohibition or requirement, and any such notice may, if the Authority thinks fit, include a statement of the reasons for which the prohibition or requirement was imposed, rescinded or varied.
Recession and variation of notices.