Section 31(4)

In section 138J (consultation by the PRA)— in subsection (2) after paragraph (b) insert— an explanation of the ways in which having regard to specified matters under section 138EA(2) has affected the proposed rules, after subsection (8) insert— The requirement to provide the explanation referred to in subsection (2)(ba) does not apply in relation to any rules if— the PRA considers that the delay involved in complying with that requirement would— be prejudicial to the safety and soundness of PRA-authorised persons, or in a case where section 2C applies, be prejudicial to securing the appropriate degree of protection for policyholders, or the rules change existing rules and the changes consist of, or include, changes which, in the PRA’s opinion, are not material. Where an explanation is not provided by virtue of subsection (8A)(b), the draft of the rules must be accompanied by a statement of the PRA’s opinion.

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Source: legislation.gov.uk · retrieved 2026-09-04