35(1)Section 396 (statements under s.395: consultation) is amended as follows.
(2)In subsection (1)—
(a)after “a statement of” insert “its”,
(b)for “the Authority”, in the first place, substitute “the regulator”,
(c)for “the Authority”, in the second place, substitute “it”, and
(d)for “it” substitute “the draft”.
(3)In subsection (2), for “Authority” substitute “regulator publishing the draft”.
(4)In subsection (3), for “Before issuing the proposed statement of procedure, the Authority” substitute “Before a regulator issues the proposed statement of its procedure, it”.
(5)In subsection (4), for “Authority issues the proposed statement of procedure” substitute “regulator issues the proposed statement of its procedure,”.
(6)In subsection (5)—
(a)for “statement of procedure differs from the draft published” substitute “statement of the regulator's procedure differs from the draft published by it”,
(b)for “, in the opinion of the Authority,” substitute “, in its opinion,”, and
(c)for “the Authority must” substitute “it must”.
(7)In subsection (6)—
(a)for “The Authority” substitute “The regulator publishing a draft under subsection (1)”, and
(b)for “a draft published under subsection (1)” substitute “the draft”.