• MIR 2.11 MIR 2.11 Rules and consultation

    • MIR 2.11.1

      The Recognised Body must ensure that appropriate procedures are adopted for it to make rules, for keeping its rules under review and for amending them. The procedures must include procedures for consulting users of the Recognised Body's facilities in appropriate cases.

    • MIR 2.11.2

      Any amendment to a Recognised Body's Business Rules must, prior to the amendment being effective, be

      (a) made available for market consultation; and
      (b) approved by the Regulator.

    • MIR 2.11.2A

      Any amendment to a Recognised Body’s guidance to its Business Rules must, prior to the amendment being effective, be notified to the Regulator.

    • MIR 2.11.3

      The Regulator may dispense with the requirement in Rule 2.11.2(a) in cases of emergency, force majeure, typographical errors, minor administrative matters, or to comply with applicable laws.

    • MIR 2.11.4

      A Recognised Body must have procedures for notifying users of these amendments.

    • Public consultation

      • MIR 2.11.5

        A Recognised Body must, before making any amendment to its Business Rules, undertake public consultation on the proposed amendment in accordance with the requirements in this Rule.

      • MIR 2.11.6

        For the purposes of Rule 2.11.5, a Recognised Body must publish a consultation paper setting out (a) the text of both the proposed amendment and the Business Rules that are to be amended, (b) the reasons for proposing the amendment, and (c) a reasonable consultation period, which must not be less than fourteen days from the date of publication, within which Members and other stakeholders may provide comments. The Recognised Body must lodge with the Regulator the consultation paper no later than the time at which it is released for public comment.

      • MIR 2.11.7

        The Regulator may, where it considers on reasonable grounds that it is appropriate to do so, require the Recognised Body to extend its proposed period of public consultation specified in the consultation paper.

      • MIR 2.11.8

        A Recognised Body must

        (a) facilitate, as appropriate, informal discussions on the proposed amendment with Members and other stakeholders including any appropriate representative bodies of such Persons;
        (b) consider the impact the proposed amendment has on the interests of its Members and other stakeholders; and
        (c) have proper regard to any public comments received.

      • MIR 2.11.9

        Following public consultation, a Recognised Body must publish the final rules and consider whether it would be appropriate to discuss the comments received and any amendments made prior to publication.

    • Review of rules

      • MIR 2.11.10

        In determining whether a Recognised Body's procedures for consulting Members and other users of its facilities are appropriate, the Regulator may have regard to the range of Persons to be consulted by the Recognised Body under those procedures. Consultation with a smaller range of Persons may be appropriate where limited, technical changes to a Recognised Body's rules are proposed. A Recognised Body's procedures may include provision to restrict consultation where it is essential to make a change to the rules without delay in order to ensure continued compliance with the Recognition Requirements or other legal obligations.

      • MIR 2.11.11

        In determining whether a Recognised Body's procedures for consulting Members and other users of its facilities are appropriate, the Regulator may have regard to the extent to which the procedures include:

        (a) informal discussions at an early stage with users of its facilities or appropriate representative bodies;
        (b) publication to users of its facilities of a formal consultation paper which includes clearly expressed reasons for the proposed changes and an appropriately detailed assessment of the likely costs and benefits;
        (c) adequate time for users of its facilities to respond to the consultation paper and for the Recognised Body to take their responses properly into account;
        (d) adequate arrangements for making responses to consultation available for inspection by users of its facilities, unless the respondent requests otherwise;
        (e) adequate arrangements for ensuring that the Recognised Body has proper regard to the representations received; and
        (f) publication, no later than the publication of the amended rules, of a reasoned account of the Recognised Body's decision to amend its rules.