(1) Before -

(a) giving a direction under regulation 30; or

(b) removing an issuer from the register of issuers under regulation 31(1)(c),

the Authority must give a warning notice to the person concerned.

(2) If, having considered any representations, the Authority decides to -

(a) make the direction; or

(b) remove the issuer from the register of issuers,

the Authority must give that person a decision notice.

(3) If the Authority decides not to -

(a) make a direction; or

(b) remove the issuer from the register of issuers,

it must give that person written notice of its decision.

(4) If the Authority decides to -

(a) make a direction; or