(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 noti
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