(1)This section applies if the Board is satisfied—
(a)that an act or omission of an approved regulator (or a series of such acts or omissions) has had, or is likely to have, an adverse impact on one or more of the regulatory objectives, and
(b)that it is appropriate to act under this section in all the circumstances of the case (including in particular the impact of so acting on the other regulatory objectives).
(2)The Board may publish a statement censuring the approved regulator for the act or omission (or series of acts or omissions).
(1)If the Board proposes to publish a statement under section 35 in respect of an approved regulator, it must give notice to the approved regulator—
(a)stating that the Board proposes to publish such a statement and setting out the terms of the proposed statement,
(b)specifying the acts or omissions to which the proposed statement relates, and
(c)specifying the time (not being earlier than the end of the period of 28 days beginning with the day on which the notice is given to the approved regulator) before which representations with respect to the proposed statement may be made.
(2)Before publishing the statement, the Board must consider any representations which are duly made.
(3)Before varying any proposed statement set out in a notice under subsection (1)(a), the Board must give notice to the approved regulator—
(a)setting out the proposed variation and the reasons for it, and
(b)specifying the time (not being earlier than the end of the period of 28 days beginning with the day on which the notice is given to the approved regulator) before which representations with respect to the proposed variation may be made.
(4)Before varying the proposal, the Board must consider any representations which are duly made.