Regulation 24 Contracts directed as ceasing to be managed contracts
The Secretary of State may by notice given to each relevant party to a managed contract, direct that the contract is to cease to be a managed contract.
A direction under paragraph (1)—
may apply to more than one managed contract; and
must—
identify each managed contract to which the direction relates; and
give the date on which the contract will cease to be a managed contract (“the cessation date”), which date must be no earlier than seven days after the date of the direction.
A managed contract may be identified under paragraph (2)(b)(i) by reference to a class or description of contract set out in the direction.
The Secretary of State may before the cessation date give a notice withdrawing a direction given under paragraph (1).
A notice under paragraph (4) must be given to each relevant party to whom the direction was given.
In this regulation, a “relevant party” means a person, other than the restricted person, whom the Secretary of State believes may be a party to the managed contract.