Financial Services and Markets Act 2000

94 Statements of policy: procedure.U.K.

This section has no associated Explanatory Notes

(1)Before issuing a statement under section 93, the competent authority must publish a draft of the proposed statement in the way appearing to the competent authority 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 competent authority within a specified time.

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

(4)If the competent authority 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 (1) in a way which is, in the opinion of the competent authority, significant, the competent authority must (in addition to complying with subsection (4)) publish details of the difference.

(6)The competent authority may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).

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