F1PART 12APowers exercisable in relation to parent undertakings
Power of direction
192IStatement of policy relating to directions: procedure
1
Before issuing a statement of policy under section 192H, a regulator (“the issuing regulator”) must—
a
consult the other regulator and 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.
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.