Cap. 345 Art. 9Notice of directive or revocation.

(1) Before issuing a directive under article 39K, or before making a revocation order under article 8(2), the competent authority shall -

(a) give written notice of its intention so to do to the regulated market concerned; and

(b) take such steps as it considers reasonably practicable to bring the notice to the attention of any other persons who are, in its opinion, likely to be affected.

(2) A notice under sub-article (1) shall -

(a) state the reasons why the competent authority intends to issue the directive or make the revocation order; and

(b) draw attention to the right to make representations conferred by sub-article (3).

(3) Before the end of the period for making representations

(a) the regulated market; and

(b) any other person who is likely to be affected by the proposed revocation order and notified in terms of sub-article (1)(b), may make representations to the competent authority.

(4) The period for making representations is -

(a) two (2) months beginning -

(i) with the date on which the notice is served on the regulated market in the case of the regulated market, or

(ii) with the date on which the notice is brought to the attention of any other persons notified in terms of sub-article (1)(b) in the case of such other persons.

(b) such longer period stated in the notice as the competent authority may deem fit to allow in the particular case.

(5) In deciding whether to issue a directive or make a revocation order, the competent authority shall have regard to any representations made in accordance with sub-article (3).

(6) If the competent authority decides to issue the proposed directive or to make the proposed revocation order it shall:

(a) give the regulated market written notice of its decision; and

(b) where it decides to issue the directive or to make the order, take such steps as it considers reasonably practicable for bringing its decision to the attention of any other persons who are, in the competent authority’s opinion, likely to be affected thereby.