(1) Where the Competent Authority determines that a relevant entity is in default, he or she shall issue to the relevant entity a notice to comply with the economic substance requirements under this Act.
(2) A notice issued under subsection (1) must specify the —
(a) default of the relevant entity;
(b) action to be taken to rectify the default;
(c) time period for compliance;
(d) consequences for failure to rectify the default.
(3) A relevant entity shall comply, within fourteen days of receipt of a notice issued under subsection (1).