15(1)Section 65F (special administrator’s draft report) is amended as follows.
(2)In subsection (1), for “the Secretary of State”, in each place it appears, substitute “the regulator”.
(3)In subsection (2)(b)—
(a)omit “goods or”, and
(b)for “the Secretary of State” substitute “the regulator”.
(4)After subsection (2) insert—
“(2A)The administrator may not provide the draft report to the regulator under subsection (1)—
(a)without having obtained from each commissioner a statement that the commissioner considers that the recommendation in the draft report would achieve the objective set out in section 65DA, or
(b)where the administrator does not obtain a statement to that effect from one or more commissioners (other than the Board), without having obtained a statement to that effect from the Board.
(2B)Where the Board decides not to provide to the administrator a statement to that effect, the Board must—
(a)give a notice of the reasons for its decision to the administrator and to the regulator;
(b)publish the notice;
(c)lay a copy of it before Parliament.
(2C)In subsection (2A), “commissioner” means a person to which the trust provides services under this Act.”
(5)In subsection (3), for “the Secretary of State” substitute “the regulator”.
(6)Omit subsections (4) to (7).
(7)In consequence of those repeals, omit section 176(2) of this Act.