SCHEDULES
SCHEDULE 9Cancellation of designation as approved regulator
Notification of the approved regulator
I12
1
The Board must give the approved regulator a notice (“a warning notice”) accompanied by a draft of the proposed recommendation.
2
The warning notice must—
a
state that the Board proposes to make a recommendation under subsection (5) of section 45 in the form of the accompanying draft, and
b
state the reasons why the Board is satisfied of the matters mentioned in paragraphs (a) and (b) of that subsection.
3
The Board must publish a copy of the warning notice.
4
The approved regulator may make to the Board—
a
written representations, and
b
if the Board authorises it to do so, oral representations,
about the proposed recommendation.
5
The Board must make rules governing the making of oral and written representations.
6
Representations under this paragraph must be made within—
a
the period of 28 days beginning with the day on which the warning notice is given to the approved regulator, or
b
such longer period as the Board may specify in a particular case.
7
The Board must consider any representations duly made by the approved regulator.
8
Where oral representations are duly made, the Board must prepare a report of those representations.
9
Before preparing that report, the Board must—
a
give the approved regulator a reasonable opportunity to comment on a draft of the report, and
b
have regard to any comments duly made.