[(1) Before a regulator gives a direction under section 316 or 318, it must—
(a) in a case where section 316(1B) requires the regulator to obtain the consent of the other regulator, obtain that consent,
(b) in any other case, consult the other regulator, and
(c) after complying with paragraph (a) or (b), publish a draft of the proposed direction.]
(2) The draft must be accompanied by—
(a) a cost benefit analysis; and
(b) notice that representations about the proposed direction may be made to [the regulator] within a specified time.
[(3) Before a regulator gives the proposed direction—
(a) it must have regard to any representations made to it in accordance with subsection (2)(b), and
(b) if it was required by subsection (1)(b) to consult the other regulator and proposes to give a direction which differs from the draft published under subsection (1) in a way which is,
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