Section 192I Statement of policy relating to directions: procedureF1

United Kingdom

(1)

Before issuing a statement of policy under section 192H, a regulator (“the issuing regulator”) must—

(a)

consult the other regulator and F2, where the issuing regulator is the FCA, the Bank of England, and

(b)

publish a draft of the proposed statement in the way appearing to the issuing regulator to be best calculated to bring it to the attention of the public.

(2)

The draft must be accompanied by notice that representations about the proposal may be made to the issuing regulator within a specified time.

(3)

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

(4)

If the issuing regulator issues the proposed statement it must publish an account, in general terms, of—

(a)

the representations made to it in accordance with subsection (2), and

(b)

its response to them.

(5)

If the statement differs from the draft published under subsection (2) in a way which is, in the opinion of the issuing regulator, significant, the issuing regulator—

(a)

must before issuing it consult the other regulator again, and

(b)

must (in addition to complying with subsection (4)), publish details of the difference.

(6)

The issuing regulator may charge a reasonable fee for providing a person with a draft published under subsection (1)(b).

(7)

This section also applies to a proposal to alter or replace a statement.

Annotations

Textual amendments

F1: Pt. 12A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 27, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
F2: Words in s. 192I(1)(a) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 42 (with Sch. 3); S.I. 2017/43, reg. 2(g)