(1) If the Head of Financial Regulation, having considered any written submissions made pursuant to section 26 within the period mentioned in section 26(4)(d) by a person on whom, or a regulated financial service provider or holding company on which, a suspension notice has been served, is satisfied -

(a)(except where the suspension notice was issued in the circumstances mentioned in section 26(1)(b)) that there is still reason to suspect the person’s fitness and probity to perform the relevant controlled function, and

(b) that it is necessary in the interests of the proper regulation of the regulated financial service provider or holding company that the person not perform the controlled function, the part of the controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor is carrying out a function in relation to the person under this Chapter or Chapter 4,

the Head of Financial Regulation may confirm the suspension notice.