Before issuing a statement of its procedure under section 395, the regulator must publish a draft of the proposed statement in the way appearing to it to be best calculated to bring the draft to the attention of the public.
The draft must be accompanied by notice that representations about the proposal may be made to the regulator publishing the draft within a specified time.
Before a regulator issues the proposed statement of its procedure, it must have regard to any representations made to it in accordance with subsection (2).
If the regulator issues the proposed statement of its procedure, it must publish an account, in general terms, of—
If the statement of the regulator's procedure differs from the draft published by it under subsection (1) in a way which is , in its opinion, significant, it must (in addition to complying with subsection (4)) publish details of the difference.
The regulator publishing a draft under subsection (1) may charge a reasonable fee for providing a person with a copy of the draft.
This section also applies to a proposal to revise a statement of policy.