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Schedule 11, Part 2, paragraph 3(3)

FSMA 2023

In any other case the direction takes effect when— it has been confirmed by a notice under sub-paragraph (5), and the period during which the direction may be referred to the Upper Tribunal (under sub-paragraph (6)) has expired and, if the matter was so referred, the reference and any appeal against the Tribunal’s determination, has been finally disposed of.

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Source: legislation.gov.uk · retrieved 2026-09-04