F1SCHEDULE 2PREVENTION OF EXCESSIVE REGULATORY PROVISION
Duty to notify proposal to make regulatory provision
3.
(1)
An Operator that proposes to make any regulatory provision must give written notice of the proposal to the Bank of England without delay.
(2)
The Bank of England may by rules—
(a)
specify descriptions of regulatory provision in relation to which, or circumstances in which, the duty in sub-paragraph (1) does not apply, or
(b)
provide that the duty applies only to such descriptions of regulatory provision or in such circumstances as the rules specify.
(3)
The Bank of England may also by rules—
(a)
make provision as to the form and contents of the notice required, and
(b)
require the Operator to provide such information relating to the proposal as may be specified in the rules or as the Bank of England may reasonably require.