38 Engagement with Parliamentary Committees
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

38  Engagement with Parliamentary Committees

(1)     FSMA 2000 is amended as follows.

(2)     In Part 4 of Schedule 1ZA (miscellaneous provisions relating to Financial Conduct Authority), after paragraph 27 insert—

“Engagement with Parliamentary Committees

28

(1)     This paragraph applies where the FCA issues a relevant consultation.

(2)     For the purposes of this paragraph the FCA issues a relevant consultation if it—

(a)     publishes a draft of proposed rules under section 138I,

(b)     publishes a proposal under a duty imposed by another provision of this Act or by any other enactment, or

(c)     publishes other proposals about the exercise of any of its general functions.

(3)     The FCA must, as soon as reasonably practicable after issuing the consultation, notify in writing the chair of each relevant Parliamentary Committee that the consultation has been issued.

(4)     The notification must specify the parts of the consultation (if any) that address the ways in which the proposals subject to consultation—

(a)     advance the FCA's operational objectives,

(b)     are compatible with the FCA's strategic objective,

(c)     demonstrate that the FCA has had regard to the regulatory principles in section 3B when preparing the proposals, and

(d)     engage with matters to which

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