SCHEDULES

SCHEDULE 7Directions: procedure

12Decision by the Board

1

After considering—

a

any advice duly given under paragraphs 4 to 8,

b

any representations duly made under paragraph 10, and

c

any other information which the Board considers relevant,

the Board must decide whether to give the approved regulator the proposed direction.

2

The Board must give notice of its decision (“the decision notice”) to the approved regulator.

3

Where the Board decides to give the proposed direction, the decision notice must—

a

contain the direction,

b

state the time at which the direction is to take effect, and

c

specify the Board’s reasons for the decision to give the direction.

4

The Board must publish the decision notice.