(1) This section applies where either regulator proposes to make rules.
(2) The regulator must have regard to any specified matters that are relevant to the making of the rules in question.
(3) "Specified" means specified in regulations made by the Treasury for the purposes of this section.
(4) The specification of a matter for the purposes of this section may apply generally to the making of rules or be limited in whatever way the Treasury consider appropriate, including by reference to -
(a) the power under which the rules are made;
(b) the persons to whom the rules apply;
(c) the activities or subject-matter to which the rules relate.
(5) The requirement imposed by subsection (2) does not apply in respect of any rules if, or to the extent that, the rules are made for the purposes of -
(a) complying with a direction given by the Financial Policy Committee of the Bank of England under section 9H of the Bank of England Act 1998 (directions requiring macro-prudential measures), or
(b) a
…