Article 3 Disapplication of procedural requirements

(1)

Paragraph (2) applies if—

(a)

the FPC has given a direction to the PRA under section 9H of the Act which specifies an increase in additional own funds or an increase in the level of risk that exposures specified in the direction are to be treated as giving rise to (“the first direction”),

(b)

the FPC subsequently revokes the first direction, and

(c)

immediately after that revocation the FPC gives another direction to the PRA under section 9H of the Act (“the subsequent direction”) which is in substance identical to the first direction except in relation to the increase specified in the direction.

(2)

To the extent that the PRA is implementing the subsequent direction, section 138J(2)(a) of FSMA 2000 (requirement to include cost benefit analysis when consulting on proposed rules) does not apply.

(3)

For the purposes of this article, it is immaterial whether the increase is specified by reference to a figure, a proportion, a percentage or otherwise.