(1) Each regulator must prepare and issue a statement of its policy with respect to the exercise of its functions under sections 73 to 79 ("the relevant sections") and, in particular -

(a) the matters it will take into account in determining whether the conditions which give rise to its duty to carry out an investigation under section 73, 74 or 76A (as the case may be) are met, and

(b) how it will carry out investigations under the relevant sections.

(2) A regulator may at any time alter or replace a statement issued by it under this section.

(3) If a statement issued under this section is altered or replaced by a regulator, the regulator must issue the altered or replacement statement.

(4) A regulator must obtain the consent of the Treasury before issuing a statement under this section.