Where notice of a proposal to make regulatory provision is required to be given to the appropriate regulator under section 300B, the provision must not be made—
before that notice is given, or
subject to the following provisions of this section, before the end of the initial period.
The initial period is—
the period of 30 days beginning with the day on which the appropriate regulator receives notice of the proposal, or
if any consultation period announced by the body in relation to the proposal ends after that 30-day period, the end of the consultation period.
If before the end of the initial period the appropriate regulator notifies the body that it is calling in the proposal, the provisions of section 300D (consideration by appropriate regulator whether to disallow proposed provision) apply as to when the provision may be made.
If—
before the end of the initial period the appropriate regulator notifies the body that it is not calling in the proposal, or
the initial period ends without the appropriate regulator having notified the body that it is calling in the proposal,
the body may then make the proposed provision.
Any provision made in contravention of this section is of no effect.