(1) Before [a regulator issues] a statement under section 69, the [regulator] must publish a draft of the proposed statement in the way appearing to the [regulator] to be best calculated to bring it to the attention of the public.
(2) The draft must be accompanied by notice that representations about the proposal may be made to the [regulator] within a specified time.
(3) Before issuing the proposed statement, the [regulator] must have regard to any representations made to it in accordance with subsection (2).
(4) If the [regulator] issues the proposed statement it must publish an account, in general terms,
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