12(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.