Section 125 Statement of policy: procedure.
Before issuing a statement of policy under section 124, the F1FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best calculated to bring it to the attention of the public.
The draft must be accompanied by notice that representations about the proposal may be made to the FCA within a specified time.
Before issuing the proposed statement, the FCA must have regard to any representations made to it in accordance with subsection (2).
If the FCA issues the proposed statement it must publish an account, in general terms, of—
the representations made to it in accordance with subsection (2); and
its response to them.
If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the FCA, significant, the FCA must (in addition to complying with subsection (4)) publish details of the difference.
The FCA may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).
This section also applies to a proposal to alter or replace a statement.
Annotations
Textual amendments
- F1
Word in ss. 121-130A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Notes on Part VIII
Textual amendments
- F1
Pt. 8 heading substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(2)
Modifications
- C1
Pt. 8 applied (with modifications) (18.6.2012) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), regs. 1(2)(b), 6, Sch. 1 (as amended (3.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(b), 9)