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21.—(1) At any time during a period in which a formula described in regulation 20(1) applies a review of the formula may be requested by—
(a)three or more relevant participating operators, or
(b)at least 50% of relevant participating operators,
(whichever is the lesser).
(2) Where a review of the formula is requested in accordance with paragraph (1), the operator or operators making that request must—
(a)specify to which part of the formula the request relates;
(b)submit representations and evidence in support of the request; and
(c)propose a revised formula for the variation of maximum fares.
(3) Except where paragraph (4) applies the lead authority must, within a period of 28 days beginning with the day on which the request submitted in accordance with paragraph (1) is received, issue a written review notice to relevant participating operators.
(4) The obligation in paragraph (3) does not apply where the request submitted in accordance with paragraph (1)—
(a)is received less than 12 months after the relevant date; and
(b)is an excepted request.
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