(1) This regulation applies where -

(a) the administrator's statement of proposals under regulation 17 has been agreed with the regulator which gave the direction under regulation 16 (or the court has made an order dispensing with the need for agreement);

(b) the administrator proposes a revision to the proposals;

(c) the administrator thinks the revision is substantial; and

(d) the that regulator has not withdrawn its direction given under regulation 16.

(2) The administrator shall agree the revised statement with the that regulator.

(3) Regulation 17(4) to (7) shall apply where the administrator is unable to agree the revised statement with the that regulator.

(4) After the revised statement has been agreed with the that regulator (or the court has made an order dispensing with the need for agreement) the administrator shall send the revised statement to -

(a) every creditor of the investment bank of whose claim and address the administrator is aware;