538.This section sets out the procedure the Authority must follow when it proposes to give a direction or make a revocation order.  This includes giving the recognised body, its members and third parties who might be affected the right to make written representations.  Subsection (7) allows the Authority to give a direction without following these procedures if it considers that it is essential to do so.
Commentary on Sections Part Xviii: Recognised Investment Exchanges and Clearing Houses Chapter I: Exemption Section 298: Directions and revocation: procedure