850. (1) In this section—

“disqualification period” shall be read in accordance with subsection (3)(b);

“notice period” shall be read in accordance with subsection (3)(d);

“person” shall be read in accordance with subsection (2);

“specified date” shall be read in accordance with subsection (3)(c);

“underlying facts and circumstances” shall be read in accordance with subsection (3)(a).

(2) Subject to section 851(6), where the F518[Authority has reasonable grounds for believing that one or more of the circumstances specified in section 842(a) to (i) applies to a person (in this section referred to as the “person”), the Authority may, in its discretion], deliver to the person, or to the person’s duly authorised agent, the following notice.

(3) That notice is a notice in the prescribed form stating—

(a) both—

(i) which of the circumstances specified in section 842(a) to (i) the F518[Authority] believes apply to the person; and

(ii) particulars of the facts and allegations that have given rise to that belief;

and the circumstances so stated, and the facts and allegations that have given rise to that belief (and of which particulars are so stated), are referred to together in this section as the “underlying facts and circumstances”;

(b) the period of disqualification (referred to in this section as the “disqualification period”) which, in the F518[Authority’s] opinion, is warranted in relation to the person by the underlying facts and circumstances;

(c) the date (referred to in this section as the “specified date”) that will, subject to subsection (5), be the date of commencement of the disqualification period, if a disqualification undertaking is given by the person;

(d) that during—

(i) such period as may be specified in the notice (referred to in this section as the “notice period”), being a period beginning on a day falling not less than 21 days after the date of the notice and expressed to end immediately before the specified date; or

(ii) in the event of a request under subsection (5) by the person being acceded to, the notice period as extended in pursuance of that subsection;

the person may—

(I) notify the F518[Authority], in the prescribed form, of his or her willingness to give a disqualification undertaking for the disqualification period; and

(II) return to the F518[Authority] the disqualification acceptance document duly signed;

(e) that during the notice period, or that period as so extended, the F518[Authority] will refrain from making an application in respect of the person under section 842 arising from or in connection with the underlying facts and circumstances;

(f) that if the person, within the notice period or that period as so extended, does the things referred to in paragraph (d)(I) and (II), the F518[Authority] shall not, after the expiry of that period, make an application in respect of the person under section 842 arising from or in connection with the underlying facts and circumstances.

(4) That notice shall also state—

(a) that the person may make a request, under subsection (5), for an extension of the notice period,

(b) the legal effect (for the person) of giving a disqualification undertaking for the disqualification period beginning on the specified date, and

(c) that if the person gives a disqualification undertaking—

(i) the person may seek to be relieved (whether in whole or in part) from the undertaking only by applying to the court under section 847, and

(ii) that, on the making of such an application, the court may grant such relief only if it considers it just and equitable to do so, and then only on the terms and conditions as it sees fit.

(5) Where a notice is delivered under subsection (2), the F518[Authority may, at any time before the specified date, on the request of the person, where the Authority] considers it appropriate to do so for the purposes of extending the notice period (and postponing the commencement of the proposed disqualification period in consequence), substitute a later date for the specified date and, where such a date is so substituted, references in section 851—

(a) to the notice period shall be read as references to the notice period as extended in pursuance of this subsection, and

(b) to the specified date shall be read as references to the date that has been substituted for it in pursuance of this subsection.