40.—(1) The CAA must publish a schedule of standard terms for an ATOL.
(2) The CAA may publish a proposed variation to ATOL standard terms.
(3) A proposal to vary one or more of the ATOL standard terms must specify the date on which the variation will come into force which must be at least 28 days after the date of publication.
(4) Where an ATOL is subject to one or more of the ATOL standard terms, the ATOL holder must comply with any variation to the ATOL standard terms applicable to its ATOL.