Before issuing a statement of policy under section 63ZD, a regulator ("the issuing regulator") must—
The duty of the FCA to consult the PRA under subsection (1)(a) applies only in so far as the statement of policy applies to persons whose approval under section 59 relates to the performance of a function designated by the FCA as a senior management function under section 59(6A) in relation to the carrying on by PRA-authorised persons of regulated activities.
The draft must be accompanied by notice that representations about the proposal may be made to the issuing regulator within a specified time.
Before issuing the proposed statement, the issuing regulator must have regard to any representations made to it in accordance with subsection (3).
If the issuing regulator issues the proposed statement it must publish an account, in general terms, of—
If the statement differs from the draft published under subsection (1) in a way which is in the opinion of the issuing regulator significant, the issuing regulator—
The issuing regulator may charge a reasonable fee for providing a person with a draft published under subsection (1)(b).
This section also applies to a proposal to alter or replace a statement.