[(1) Each regulator must prepare and issue a statement of policy with respect to the giving of directions under section 192C.
(2) A regulator may at any time alter or replace a statement issued under this section.
(3) If a statement issued under this section is altered or replaced, the regulator must issue the altered or replacement statement.
(4) In exercising or deciding whether to exercise its power under section 192C in any particular case, a regulator must have regard to any statement published under this section and for the time being in force.
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