(1) FSMA 2000 is amended as follows.
(2) After section 3R (arrangements for provision of services) insert -
"Rules
3RA Duty of FCA and PRA to review rules
(1) Each regulator must keep under review generally any rules made by the regulator under this Act or any other enactment (whenever passed or made).
(2) Subsection (1) does not apply to rules made for the purpose of complying with a direction or recommendation of the Financial Policy Committee of the Bank of England under -
(a) section 9H of the Bank of England Act 1998 (directions to FCA or PRA requiring macro-prudential measures), or
(b) section 9Q of that Act (recommendations to FCA and PRA).
3RB Statement of policy relating to review of rules
(1) Each regulator must prepare and publish a statement of its policy with respect to its review of rules under section 3RA.
(2) The statement must provide information about -
(a) how representations (including by a statutory panel) can be made to each regulator with respect to its review of
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