Consultation paper

A consultation paper is a document in which a regulator publishes proposed rules, guidance or policy options and invites comments before it decides the final text. For example, the FCA published CP26/23, Consumer Duty: scope and proportionality on 29 June 2026, took comments until 18 September 2026, and said it expects to publish a policy statement and any new rules in the first quarter of 2027.

The format varies by jurisdiction, but the mechanics are similar:

• UK: the FCA and the PRA number their consultation papers (CP) and usually answer them with a policy statement (PS) that contains the final rules and a summary of the feedback.
• EU: the European Supervisory Authorities consult on draft technical standards and guidelines. The EBA's consultation on a methodology for setting fines under MiCA ran from 26 June to 28 September 2026.
• US: the equivalent is a notice of proposed rulemaking, published in the Federal Register with a comment period; comments on many agency dockets are filed through Regulations.gov. See SEC rulemaking.

A consultation paper binds no one, and the final text often changes. It still matters for horizon scanning: it is usually the first formal text of a new rule, and its closing date is the last point at which a firm can influence the outcome. For every relevant consultation, record three things: the closing date, a decision on whether to respond (directly or through a trade association) with the reasoning, and a trigger to reassess when the final rules land. The horizon scanning process guide covers how to triage consultations alongside everything else you monitor.

This entry is general information, not legal advice.