SCHEDULES
SCHEDULE 7Directions: procedure
2Notification of the approved regulator
1
The Board must give the approved regulator a notice (“a warning notice”) accompanied by a copy of the proposed direction.
2
The warning notice must—
a
state that the Board proposes to give the approved regulator a direction in the form of the accompanying draft,
b
specify why the Board is satisfied as mentioned in section 32(1) and (2), and
c
specify a period within which the approved regulator may make representations with respect to the proposal.
3
The period specified under sub-paragraph (2)(c)—
a
must begin with the date on which the warning notice is given to the approved regulator, and
b
must not be less than 14 days.
4
The approved regulator may make to the Board—
a
written representations, and
b
if the Board authorises it to do so, oral representations,
about the proposed direction.
5
The Board must make rules governing the making of oral and written representations.
6
The Board must consider any representations duly made by the approved regulator.
7
Where oral representations are duly made, the Board must prepare a report of those representations.
8
Before preparing that report, the Board must—
a
give the approved regulator a reasonable opportunity to comment on a draft of the report, and
b
have regard to any comments duly made.