(1) Before a regulator issues a statement or code under section 64, it must -
(a) consult the other regulator; and
(b) after doing so, publish a draft of the statement or code in the way appearing to it to be best calculated to bring the statement or code to the attention of the public.
(1A) The duty of the FCA to consult the PRA under subsection (1)(a) applies only in so far as the statement or code applies to persons in relation to whom approval is given under section 59 in respect of the performance by them of significant-influence functions (within the meaning of that section) in relation to the carrying on by PRA-authorised persons of regulated activities.
(2) The draft must be accompanied by -
(a) a cost benefit analysis; and
(b) notice that representations about the proposal may be made to the regulator publishing the draft within a specified time.
(3) Before a regulator issues the proposed statement or code, it must have regard to any representations made to it in accord