(1) Before issuing a statement of [its] procedure under section 395, [the regulator] must publish a draft of the proposed statement in the way appearing to [it] to be best calculated to bring [the draft] 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 publishing the draft] within a specified time.
(3) [Before a regulator issues the proposed statement of its procedure, it] must have regard to any representations made to it in accordance with subsection (2).
(4) If the [regulator issues the proposed statement
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