The CMA must prepare and publish a statement of policy in relation to the exercise of functions under sections 31E, 34 and 35A.

The statement must, in particular, include a statement about the considerations relevant to the determination of the nature and amount of any penalty imposed under section 35A(1).

The CMA may revise its statement of policy and, where it does so, it must publish the revised statement.

The CMA must consult the Secretary of State and such other persons as it considers appropriate when preparing or revising its statement of policy.

If the proposed statement of policy or revision relates to a matter in respect of which a regulator exercises concurrent jurisdiction, those consulted must include that regulator.

A statement or revised statement of policy may not be published under this section without the approval of the Secretary of State.