Chapter 3: Accountability of regulators FCA and PRA powers to make rules etc Section 30: Treasury power in relation to rules New section 3RE
Subsection (1) of new section 3RE creates a power for HM Treasury to require a regulator to use one of their rule-making powers to make rules. HM Treasury can require a regulator to use any of the rule-making powers in or under FSMA 2000, but it does not apply to any regulator powers outside FSMA 2000 unless the relevant Parts of FSMA 2000 have been applied.
	Subsection (2)(a) of new section 3RE enables HM Treasury to specify matters that the rules must cover. Subsection (2)(b) of the new section enables HM Treasury to set a time limit within which the relevant regulator must make the rules necessary to fulfil the requirement set by HM Treasury.
	Subsection (3) limits the power to the matters covered by subsection 2(a) – i.e. the requirement that the regulator make rules covering specified matters. Subsection 3(a) states that the power cannot be used to require a regulator to structure their rules in a particular way or to include certain content. And subsection 3(b) states that the power cannot be used to achieve a particular outcome.
	Subsection (4) of new section 3RE clarifies that, if no time period within which rules must be made is specified by HM Treasury under subsection (2)(b), the relevant regulator is required to make the rules as soon as is practicable.