Regulation 17 of the Principal Regulations is amended -
(a) by substituting for paragraph (1) the following -
"(1) Where the Bank is of the opinion that -
(a) a person is an excluded depositor by virtue of -
(i) being a connected person to whom paragraph (c) or (d) of the definition of "excluded depositor" in Regulation 3 applies, or
(ii) being a trustee of a trust for the benefit of a connected person to whom paragraph (e) of that definition applies, or
(b) a person is a person to whom Regulation 16(1) (h) applies,
then, subject to paragraph (2) (b), the Bank shall notify the person in writing of that opinion and the reasons for it, and the steps that the person may take under paragraph (2).", and
(b) in paragraph (4) (b) by substituting "this paragraph" for "this subsection".