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SCHEDULE 7Surrender of authorisation

Decision

4(1)The Scottish Ministers must, within 28 days beginning with the day after the period mentioned in paragraph 3(2) ends, decide whether to agree to the proposed surrender.

(2)In making their decision, the Scottish Ministers must have regard to—

(a)any advice given to them by the Lord President,

(b)any representations made to them by the other consultees under paragraph 3(1),

(c)any further representation made to them by the approved regulator.

(3)The Scottish Ministers must—

(a)send to the approved regulator a notice (a “decision notice”) of their decision,

(b)notify the consultees under paragraph 3(1) of their decision,

(c)publish the decision notice in such manner as they consider appropriate for bringing it to the attention of any relevant person or body.

(4)For the purpose of this schedule, relevant persons or bodies include—

(a)other approved regulators,

(b)providers of legal services,

(c)organisations representing the interests of consumers,

(d)members of the public.