This section applies if the Board is satisfied—
that an act or omission of an approved regulator (or a series of such acts or omissions) has had, or is likely to have, an adverse impact on one or more of the regulatory objectives, and
that it is appropriate to act under this section in all the circumstances of the case (including in particular the impact of so acting on the other regulatory objectives).
The Board may publish a statement censuring the approved regulator for the act or omission (or series of acts or omissions).