(1) The Bank of England Act 1998 (Macro-prudential Measures) Order 2013 [S.I. 2013/644, to which there are amendments not relevant to this Order.] is amended as follows -

(2) In article 1(2), after the definition of "financial sector exposure", insert -

""FSMA cost benefit analysis" means -

(a) an analysis of the costs (including the costs to business activity and the impact on economic growth) and the benefits of any change in rules made pursuant to Part 9A of the Financial Services and Markets Act 2000 [Inserted by section 24 of the Financial Services Act 2012.]; and

(b) where those costs and benefits can reasonably be estimated, an estimate of those costs and benefits;".

(3) For article 3(2) substitute -

"(2) To the extent that the PRA is implementing the subsequent direction, sections 138J and 138K of the Financial Services and Markets Act 2000 do not apply, but the PRA must undertake and publish, at the same time as the subsequent direction is implemented, a FSMA cost-benefit analysis to changes implemented pursuant to the subsequent direction."

(4) After article 3 insert -

"4 Review

(1) The Treasury must from time to time -