Chapter 3: Accountability of regulators Consultation on rules Section 53: Consultation on rules
Section 138I(1)(b) of FSMA 2000 requires the FCA to, before making any rules, and after consulting the PRA, consult publicly on the proposed rules. Section 138I(2) of FSMA 2000 sets out what must accompany the consultation. Section 138I(4) of FSMA 2000 requires the FCA to publish an account of the representations that have been made to it in response to the consultation and its response to these representations.
	The Act inserts new subsections (4A) to (4D) into section 138I of FSMA 2000 that require the FCA to publish the names of respondents to a consultation published under section 138I(1)(b) as part of its response in accordance with section 138I(4). This requirement only applies where a respondent has explicitly provided their consent to the FCA that their response can be published.
	New subsection (4D) also requires the FCA’s response to consultations required by section 138I(4) to include an explanation of how representations by Parliamentary committees have been considered.
	Section 138J(1)(b) of FSMA 2000 requires the PRA to, before making any rules, and after consulting the FCA, consult publicly on the proposed rules. Section 138J(2) of FSMA 2000 sets out what must accompany the consultation. Section 138J(4) of FSMA 2000 requires the PRA to publish an account of the representations that have been made to it in response to the consultation and its response to these representations.
	The Act inserts new subsections (4A) to (4D) into section 138J of FSMA 2000 that requires the PRA to publish the names of respondents to a consultation published under section 138J(1)(b) as part of its response in accordance with section 138J(4). This requirement only applies where a respondent has explicitly provided their consent to the PRA that their response can be published.
	New subsection (4D) also requires the PRA’s response to consultations required by section 138J(4) to include an explanation of how representations by Parliamentary committees have been considered.
	Paragraph 10(1)(i) of Schedule 17A to FSMA 2000 applies section 138J of FSMA 2000 and the provision inserted by the Act to the Bank of England in respect of its functions in relation to CCPs and CSDs.
	The Act inserts a new paragraph into Schedule 17A to FSMA 2000 (paragraph 10A) which applies section 138J of FSMA 2000 and the provision inserted by the Act to the Bank of England in relation to rules made by the Bank of England under section 312M of FSMA 2000.
	Section 104(2)(b) of FSBRA 2013 requires the PSR to, before imposing generally applicable requirements, and after consulting the Bank of England, the FCA and the PRA, consult publicly on the proposed rules. Section 104(3) of FSBRA 2013 sets out what must accompany the consultation. Section 104(5) of FSBRA requires the PSR to publish an account of the representations that have been made to it in response to the consultation and its response to these representations.
	The Act inserts a new provision into section 104 of FSBRA 2013 that requires the PSR to publish the names of respondents to a consultation published under section 104(2)(b) as part of its response in accordance with section 104(5). This requirement only applies where a respondent has explicitly provided their consent to the PSR that their response can be published.