The Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013

Statement of policy: procedure

9.—(1) Before issuing a statement of policy under article 8, the PRA—

(a) must consult the FCA;

(b) must consult the Bank of England;

(c) may consult the Financial Policy Committee of the Bank of England; and

(d) must publish a draft of the proposed statement in the way appearing to the PRA to be best calculated to bring it to the attention of the public.

(2) The draft published under paragraph (1)(d) must be accompanied by notice that representations about the proposal may be made to the PRA within a specified time.

(3) Before issuing the proposed statement, the PRA must have regard to any representations made to it in accordance with paragraph (2).

(4) If the PRA issues the proposed statement it must publish an account, in general terms, of—

(a) the representations made to it in accordance with paragraph (2); and

(b) its response to them.

(5) If the statement differs from the draft published under paragraph (1)(d) in a way which is, in the opinion of the PRA, significant, the PRA must—

(a) before issuing it, consult the FCA and Bank of England again; and

(b) publish details of the difference (in addition to complying with paragraph (4)).

(6) This article also applies to a proposal to alter or replace a statement.

(7) In its application to the first statement of policy issued by the PRA under article 8—

(a) references in paragraphs (1) to (5) to the PRA are to be read as references to the Bank of England and the Financial Services Authority, acting together;

(b) paragraph (1)(a) to (c) and paragraph (5)(a) do not apply; and

(c) it is immaterial whether the consultation required under this article took place prior to the date on which this article comes into force.