104 Consultation in relation to generally applicable requirements
Financial Services (Banking Reform) Act 2013 (2013 c 33) | Legislation

104  Consultation in relation to generally applicable requirements

(1)     In this [Part] references to imposing a generally applicable requirement are to—

(a)     giving a general direction under section 54, or

(b)     imposing a generally-imposed requirement under section 55,

and references to the requirement are to be read accordingly.

(2)     Before imposing a generally applicable requirement, the Payment Systems Regulator must—

(a)     consult the Bank of England, the FCA and the PRA, and

(b)     after doing so, publish a draft of the proposed requirement in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public.

(3)     The draft must be accompanied by—

(a)     a cost benefit analysis,

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

[(ba)     an explanation of the ways in which having regard to specified matters under section 102B(2) has affected the proposed requirement,]

(c)     an explanation of the Payment Systems Regulator's reasons for believing that imposing the requirement is compatible with its duties under section 49, and

(d)     notice that representations about the proposed requirement may be made to the Payment Systems Regulator within a specified

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