SCHEDULE 9 Cancellation of Designation as Approved Regulator

SCHEDULE 9 Cancellation of Designation as Approved Regulator

Section 45

Introductory

1

This Schedule applies where the Board considers that it may be appropriate for it to make a recommendation under section 45(5).

Notification of the approved regulator

2

(1)     The Board must give the approved regulator a notice (“a warning noticeâ€) 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,

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