Paragraph 17

(1)

The following provisions apply where a direction contains requirements of a kind mentioned in paragraph 13 (limiting or ceasing business).

(2)

The Treasury may grant a licence to exempt acts specified in the licence from those requirements.

(3)

A licence may be—

(a)

general or granted to a description of persons or to a particular person;

(b)

subject to conditions;

(c)

of indefinite duration or subject to an expiry date.

(4)

The Treasury may vary or revoke a licence at any time.

(5)

On the grant, variation or revocation of a licence, the Treasury must—

(a)

in the case of a licence granted to a particular person, give notice of the grant, variation or revocation to that person;

(b)

in the case of a general licence or a licence granted to a description of persons, take such steps as the Treasury consider appropriate to publicise the grant, variation or revocation of the licence.