Statement of policy: procedure9
1
Before issuing a statement of policy under article 8, the PRA—
a
must consult the FCA;
F1b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
may consult the Financial Policy Committee of the Bank of England; and
d
must publish a draft of the proposed statement in the way appearing to the PRA to be best calculated to bring it to the attention of the public.
2
The draft published under paragraph (1)(d) must be accompanied by notice that representations about the proposal may be made to the PRA within a specified time.
3
Before issuing the proposed statement, the PRA must have regard to any representations made to it in accordance with paragraph (2).
4
If the PRA issues the proposed statement it must publish an account, in general terms, of—
a
the representations made to it in accordance with paragraph (2); and
b
its response to them.
5
If the statement differs from the draft published under paragraph (1)(d) in a way which is, in the opinion of the PRA, significant, the PRA must—
a
before issuing it, consult the FCA F2... again; and
b
publish details of the difference (in addition to complying with paragraph (4)).
6
This article also applies to a proposal to alter or replace a statement.
7
In its application to the first statement of policy issued by the PRA under article 8—
a
references in paragraphs (1) to (5) to the PRA are to be read as references to the Bank of England and the Financial Services Authority, acting together;
b
paragraph (1)(a) F3and (c) and paragraph (5)(a) do not apply; and
c
it is immaterial whether the consultation required under this article took place prior to the date on which this article comes into force.