(1) FSMA 2000 is amended as follows.
(2) In the italic heading before section 410, after "international" insert "powers and".
(3) Before section 410 insert -
"409A Consultation in relation to deference decisions
(1) This section applies where a regulator is proposing to take a relevant action.
(2) The regulator -
(a) must consider the effect of the relevant action on notified deference decisions, and
(b) if having done so it appears to the regulator that there is a material risk that the relevant action would be incompatible with a notified deference decision, must consult the Treasury about the likely effect of the action on the decision.
(3) Subsection (2) applies only if a duty to consult applies in respect of the taking of the relevant action.
(4) For the purposes of subsection (1) a regulator proposes to take a "relevant action" if -
(a) it proposes to make rules under this Act or any other enactment, or
(b) it proposes to make changes to its general policies and practices so far
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