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(1)The Regulator must comply with the standard procedure (see section 96) or, where section 97 applies, the special procedure (see section 98) in a case where—
(a)the Regulator considers that the exercise of one or more of the regulatory functions may be appropriate, or
(b)an application is made under or by virtue of—
(i)any of the provisions listed in section 10(6), or
(ii)any prescribed provision of this or any other enactment,
for the Regulator to exercise a regulatory function.
(2)For the purposes of section 96, references to the regulatory action under consideration in a particular case are—
(a)in a case falling within subsection (1)(a), references to the exercise of the one or more regulatory functions which the Regulator considers that it may be appropriate to exercise, and
(b)in a case falling within subsection (1)(b), references to the exercise of the regulatory function which is the subject-matter of the application.
(3)Neither section 96 (standard procedure) nor section 98 (special procedure) apply in relation to a determination whether to exercise a regulatory function on a review under section 99 (compulsory review of regulatory action).
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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