s 300D Consideration by appropriate regulator whether to disallow proposed provision
(1) This section applies where the appropriate regulator notifies a recognised body that it is calling in a proposal to make regulatory provision. (2) The appropriate regulator must publish a notice— (a) giving details of the proposed provision, (b) stating that it has called in the proposal in order to consider whether to disallow it, and (c) specifying a period during which representations with respect to that question may be made to it. (3) The appropriate regulator may extend the period for making representations. (4) The appropriate regulator must notify the body of its decision whether to disallow the provision not later than 30 days after the end of the period for making representations, and must publish the decision and the reasons for it. (5) The body must not make the provision unless and until— (a) the appropriate regulator notifies it of its decision not to disallow it, or (b) the 30-day period specified in subsection (4) ends without the appropriate regulator having notified any decision. (6) If the appropriate regulator notifies the body of its decision to disallow the provision and that decision is questioned in legal proceedings— (a) the body must not make the provision until those proceedings, and any proceedings on appeal, are finally determined, (b) if the appropriate regulator's decision is quashed and the matter is remitted to it for reconsideration, the court may give directions as to the period within which the regulator concerned is to complete its reconsideration, and (c) the body must not make the provision until— (i) the appropriate regulator notifies it of its decision on reconsideration not to disallow the provision, or (ii) the period specified by the court ends without the appropriate regulator having notified any decision. (7) Any provision made in contravention of subsection (5) or (6) is of no effect.