SCHEDULES

SCHEDULE 9Cancellation of designation as approved regulator

Notification of the approved regulator

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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.