If a relevant regulator proposes to give a direction under section 312N, or gives such a direction with immediate effect, it must give written notice to the critical third party to which the direction is given (or is to be given) (the "relevant critical third party").
A direction under section 312N takes effect—
A direction may be expressed to take effect immediately, or on a specified date, only if the relevant regulator reasonably considers that it is necessary for the direction to take effect immediately or on that date.
The notice under subsection (1) must—
The relevant regulator may extend the period allowed under the notice for making representations.
If, having considered any representations made by the relevant critical third party, the regulator decides—
it must give the critical third party written notice.
If, having considered any representations made by the relevant critical third party, the regulator decides—
it must give the critical third party written notice.
A notice given under subsection (6) must inform the relevant critical third party of its right to refer the matter to the Tribunal (including giving an indication of the procedure on such a reference).
A notice under subsection (7)(b) must comply with subsection (4).
For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).