5.1 Before making any proposed rules, the PRA is required by FSMA to have regard to any representations made to it, and to publish an account, in general terms, of those representations and its feedback to them [Sections 138J(3) and 138J(4) of FSMA.].
5.2 The PRA has considered the responses received to the CP. This chapter sets out the PRA's feedback to those responses, and its final decisions. The sections below have been structured broadly along the same lines as the chapters of the CPs. The responses have been grouped as follows:
• scope of application;
• levels of application;
• leverage exposure measure (LEM);
• supervisory expectation of risk of excessive leverage for firms not subject to a minimum requirement;
• reporting;
• disclosure;
• other responses relevant to the PRA consultation; and
• out of scope responses.
5.3 The PRA has also considered responses relevant to the FPC's direction and recommendation, which have been considered by the FPC as outlined in
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