(1) This section applies where a regulator is proposing to take a relevant action.
(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 as relating to its supervisory functions under section 1L (FCA supervisory functions) or (as the case may be) section 2K (PRA supervisory functions).
(5) For the purposes of subsection (2) -
(a) "deference decisi
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