[138I Consultation by the FCA]
[138I Consultation by the FCA]

[(1)     Before making any rules, the FCA must—

(a)     consult the PRA, and

(b)     after doing so, publish a draft of the proposed rules in the way appearing to the FCA to be best calculated to bring them to the attention of the public.

(2)     The draft must be accompanied by—

(a)     a cost benefit analysis,

(b)     an explanation of the purpose of the proposed rules,

(c)     any statement prepared under section 138K(2),

(d)     an explanation of the FCA's reasons for believing that making the proposed rules is compatible with its duties under section 1B(1) and (5)(a), and

(e)     notice that representations about the proposals may be made to the FCA within a specified time.

(3)     Before making the proposed rules, the FCA must have regard to any representations made to it in accordance with subsection (2)(e).

(4)     If the FCA makes the proposed rules, it must publish an account, in general terms, of—