Before issuing a statement under section 312J, an appropriate regulator must publish a draft of the proposed statement in the way appearing to the regulator to be best calculated to bring it to the attention of the public.
The draft must be accompanied by notice that representations about the proposal may be made to the regulator within a specified time.
Before issuing the proposed statement, the regulator must have regard to any representations made to it in accordance with subsection (2).
If the regulator issues the proposed statement it must publish an account, in general terms, of—
If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the regulator, significant, the regulator must (in addition to complying with subsection (4)) publish details of the difference.
An appropriate regulator may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).
This section also applies to a proposal to alter or replace a statement.