If the Board proposes to publish a statement under section 35 in respect of an approved regulator, it must give notice to the approved regulator—
stating that the Board proposes to publish such a statement and setting out the terms of the proposed statement,
specifying the acts or omissions to which the proposed statement relates, and
specifying the time (not being earlier than the end of the period of 28 days beginning with the day on which the notice is given to the approved regulator) before which representations with respect to the proposed statement may be made.
Before publishing the statement, the Board must consider any representations which are duly made.
Before varying any proposed statement set out in a notice under subsection (1)(a), the Board must give notice to the approved regulator—
setting out the proposed variation and the reasons for it, and
specifying the time (not being earlier than the end of the period of 28 days beginning with the day on which the notice is given to the approved regulator) before which representations with respect to the proposed variation may be made.
Before varying the proposal, the Board must consider any representations which are duly made.