Financial Services Act 2010

2 (1) This paragraph applies to rules under paragraph 12 of Schedule 1A to FSMA 2000 (as inserted by this Schedule).

(2) The FSA may before commencement—

(a) propose to make rules under that paragraph, and

(b) publish a draft of the proposed rules in the way appearing to it to be best calculated to bring them to the attention of the public.

(3) The draft must be accompanied by—

(a) an explanation of the purpose of the proposed rules,

(b) an explanation of the FSA’s reasons for believing that making the proposed rules is compatible with its general duties under section 2 of FSMA 2000,

(c) notice that representations about the proposals may be made to the FSA within a specified time, and

(d) details of the expected expenditure by reference to which the proposal is made.

(4) Before making the proposed rules after commencement, the FSA must have regard to any representations made to it in accordance with sub-paragraph (3)(c).

(5) If the FSA makes the proposed rules, it must publish an account, in general terms, of—

(a) the representations made to it in accordance with sub-paragraph (3)(c), and

(b) its response to them.

(6) If the rules differ from the draft published under sub-paragraph (2) in a way which is, in the FSA’s opinion, significant, the FSA must (in addition to complying with sub-paragraph (5)) publish details of the difference.

(7) If the FSA acts in accordance with this paragraph, section 155 of FSMA 2000 (which contains corresponding provision) does not apply.

(8) The FSA may charge a reasonable fee for providing a person with a copy of a draft published under sub-paragraph (2).

(9) In this paragraph—

• “commencement” means the commencement of paragraph 12 of Schedule 1A to FSMA 2000;

• “the FSA” means the Financial Services Authority;

• “FSMA 2000” means the Financial Services and Markets Act 2000.