The Commission shall not serve a restriction notice unless
(a) it has previously consulted the Financial Secretary in
relation thereto;
(b)
it has previously requested in writing the Exchange Company
or clearing house concerned to put, or cause to be put,
into effect a provision (which includes a request to
refrain from doing any act or other thing) specified in the
request and similar in effect to the requirement or
prohibition specified in the restriction notice or, in case
there is more than one such requirement or prohibition so
specified, provisions the combined effect of all of which
is similar to the combined effect of the requirements or
prohibitions so specified; and
(c)
in the case of a request under paragraph (b) which
(i) contains a provision requesting the Exchange
Company or clearing house concerned to amend, withdraw or
revoke any provision of its memorandum or articles of
association under subsection (1)(a)(i), the provision has
not been complied with before the expiration of the period
specified in relation thereto in the request being not less
than 45 days; or
(ii)
contains a provision requesting the Exchange
Company or clearing house concerned to do or refrain from
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