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Part 4Regulation of approved regulators

Functions of approved regulators etc

70Procedural requirements relating to recommendations under section 69

(1)A recommendation may be made under section 69 only with the consent of the approved regulator or other body to which the recommendation relates.

(2)Before making a recommendation under that section, the Board must publish a draft of—

(a)the proposed recommendation, and

(b)the proposed draft order.

(3)The draft must be accompanied by a notice which states that representations about the proposals may be made to the Board within a specified period.

(4)Before making the recommendation, the Board must have regard to any representations duly made.

(5)If the draft order to be annexed to the recommendation differs from the draft published under subsection (2)(b) in a way which is, in the opinion of the Board, material, the Board must, before making the recommendation, publish the draft order along with a statement detailing the changes made and the reasons for those changes.