s 298 Directions and revocation: procedure.
(1) Before giving a direction under section 296 or 296A , or making a revocation order under section 297(1B), (2), (2A) or (2D) , the appropriate regulator must— (a) give written notice of its intention to do so to the recognised body concerned; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) A notice under subsection (1) must— (a) state why the appropriate regulator intends to give the direction or make the order; and (b) draw attention to the right to make representations conferred by subsection (3). (3) Before the end of the period for making representations— (a) the recognised body, (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . may make representations to the appropriate regulator . (4) The period for making representations is such period as is specified in the notice (which may, in any particular case, be extended by the appropriate regulator). (5) In deciding whether to— (a) give a direction, or (b) make a revocation order, the appropriate regulator must have regard to any representations made in accordance with subsection (3). (6) When the appropriate regulator has decided whether to give a direction under section 296 or 296A or to make the proposed revocation order, it must— (a) give the recognised body written notice of its decision; ... and (aa) in the case of a direction under section 296 given to a recognised CSD ... or a revocation order under section 297(1B), give the recognised CSD ... reasons for its decision. (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6A) If the appropriate regulator— (a) gives a direction under section 296 to a recognised body because it has failed, or is likely to fail, to comply with an obligation imposed on it by or under Article 4 or 15 of the SFT regulation; (aa) gives any other direction under section 296 to a recognised CSD; (ab) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ac) makes a revocation order under section 297(1B); (b) makes a revocation order under section 297(2A)(c) because a recognised body has failed, or is likely to fail, to comply with an obligation imposed on it by or under Article 4 or 15 of the SFT regulation; or (c) makes a revocation order under section 297(2D), the body concerned may refer the matter to the Tribunal. (7) If the appropriate regulator reasonably considers it necessary to do so, it may give a direction under section 296 or 296A — (a) without following the procedure set out in this section; or (b) if the appropriate regulator has begun to follow that procedure, regardless of whether the period for making representations has expired. (7A) Subsection (7) does not apply in relation to a direction given to a recognised CSD ... under section 296. (7B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) If the appropriate regulator has, in relation to a particular matter, followed the procedure set out in subsections (1) to (5), it need not follow it again if, in relation to that matter, it decides to take action other than that specified in its notice under subsection (1). (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .