SCHEDULE 7 Directions: Procedure

SCHEDULE 7 Directions: Procedure

Section 33

Introductory

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This Schedule applies where the Board proposes giving a direction to an approved regulator under section 32.

Notification of the approved regulator

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(1)     The Board must give the approved regulator a notice (“a warning noticeâ€) accompanied by a copy of the proposed direction.

(2)     The warning notice must—

(a)     state that the Board proposes to give the approved regulator a direction in the form of the accompanying draft,

(b)     specify why the Board is satisfied as mentioned in section 32(1) and (2), and

(c)     specify a period within which the approved regulator may make representations with respect to the proposal.

(3)     The period specified under sub-paragraph (2)(c)—

(a)     must begin with the date on which the warning notice is given to the approved regulator, and

(b)     must not be less than 14 days.

(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 direction.

(5)     The Board must make rules governing the making of oral and written representations.

(6)     The Board must consider any representations duly made by the approved

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