2(1)The Board must give the approved regulator a notice (“a warning notice”) accompanied by a draft of the proposed intervention direction.E+W
(2)The warning notice must—
(a)state that the Board proposes to give the approved regulator an intervention direction in the form of the accompanying draft and the time when it is proposed that direction should take effect, and
(b)state the reasons why the Board is satisfied of the matters mentioned in section 41(1)(a) and (b).
(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 intervention direction.
(5)The Board must make rules governing the making of written and oral representations.
(6)Any representations under sub-paragraph (4) must be made before the end of—
(a)the period of 28 days beginning with the day on which the warning notice is given to the approved regulator, or
(b)such longer period as the Board may specify in a particular case.
(7)Where oral representations are duly made under this paragraph, the Board must prepare a report of those representations.
(8)Before preparing that report, the Board must—
(a)give the approved regulator a reasonable opportunity to comment on a draft of the report, and
(b)have regard to any comments duly made.
Commencement Information
I1Sch. 8 para. 2 wholly in force at 1.1.2010; Sch. 8 para. 2 not in force at Royal Assent see s. 211; Sch. 8 para. 2(5) in force at 1.1.2009 by S.I. 2008/3149, art. 2(c)(iii); Sch. 8 para. 2 in force otherwise at 1.1.2010 by S.I. 2009/3250, art. 2(c)(ii) (with art. 9)