(1) Before making any rules, the PRA must -
(a) consult the FCA, and
(b) after doing so, publish a draft of the proposed rules in the way appearing to the PRA to be best calculated to bring them to the attention of the public.
(2) The draft must be accompanied by -
(b) an explanation of the purpose of the proposed rules,
(ba) an explanation of the ways in which having regard to specified matters under section 138EA(2) has affected the proposed rules,
(c) any statement prepared under section 138K(2),
(d) an explanation of the PRA's reasons for believing that making the proposed rules is compatible with its duties under -
(i) section 2B(1) or, as the case requires, section 2C(1) or 2D(3), and
(ii) section 2H, and
(e) notice that representations about the proposals may be made to the PRA within a specified time.
(3) Before making the proposed rules, the PRA must have regard to any representations made to it in accordance with subsection (2)(e).
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