Paragraph 2 Variation of proposal
The Bank of England may vary a proposal to impose a penalty only if—
the authorised bank consents to the variation,
the variation consists of a reduction in the amount of the proposed penalty or a deferral of the date by which the Bank of England proposes to require the penalty to be paid, or
the Bank of England gives written notice to the authorised bank setting out the proposed variation and the reasons for it.
Where the Bank of England gives notice under sub-paragraph (1)(c), the notice must also specify the period (of not less than 30 days from the date the notice is received by the authorised bank) within which the bank may make representations regarding the proposed variation.
The Bank of England must consider any representations made during the period mentioned in sub-paragraph (2).