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(1) Monitor must publish guidance about how it intends to exercise its functions under sections 105 and 106 and Schedule 11.
(2) Monitor may revise the guidance and, if it does so, must publish the guidance as revised.
(3) Monitor must consult such persons as it considers appropriate before publishing or revising the guidance.
(4) Guidance relating to Monitor's functions under section 105 must include information about—
(a) the circumstances in which Monitor is likely to impose a discretionary requirement,
(b) the circumstances in which Monitor may not impose a discretionary requirement,
(c) the matters likely to be taken into account by Monitor in determining the amount of any variable monetary penalty to be imposed (including, where relevant, any discounts for voluntary reporting of breaches in respect of which a penalty may be imposed), and
(d) rights to make representations and rights of appeal.
(5) Monitor must have regard to the guidance or (as the case may be) revised guidance in exercising its functions under sections 105 and 106 and Schedule 11.
Royal Assent (in so far as is necessary for enabling the exercise on or after 27 March 2012 of any power to make an order or regulations or to give directions that is conferred by the above section or an amendment made by it.): 27 March 2012: see s 306(1)(d).
To be appointed (for remaining purposes): see s 306(4).
This section does not extend to Scotland: see s 308(1).
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