(1) This section applies where it appears to a regulator that there is a material risk that a relevant action it proposes to take would be incompatible with an international trade obligation.
(2) The regulator must give written notice to the Treasury of the proposed action before proceeding to take it.
(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 function).
(5) For the purposes of subsection (3) a duty to consult applies in respect of a relevant action if -
(a) the duty imposed by section 138I or 138J to publish a draft of proposed rules applies in
…