12(1)After considering—E+W
(a)any advice duly given under paragraphs 4 to 8,
(b)any representations duly made under paragraph 2 or 10, and
(c)any other information which the Board considers relevant,
the Board must decide whether to give an intervention direction.
(2)Where it decides to give an intervention direction, it may decide—
(a)to give an intervention direction in the form of the proposed intervention direction, or
(b)to amend the form of the proposed intervention direction and give an intervention direction in that amended form.
(3)The Board must give notice of its decision (“the decision notice”) to the approved regulator.
(4)Where the Board decides to give an intervention direction, the decision notice must—
(a)contain the intervention direction,
(b)state the time at which the intervention direction is to take effect,
(c)specify the reasons why the Board is satisfied of the matters mentioned in section 41(1)(a) and (b), and
(d)if the decision is under sub-paragraph (2)(b), set out the nature of any amendments made and the reasons for them.
(5)The time specified under sub-paragraph (4)(b) must not be before—
(a)the time specified in the warning notice in accordance with paragraph 2(2)(a), or
(b)the time the decision notice is given to the approved regulator.
(6)The Board must publish the decision notice.