37For paragraph 29 (transfer of functions of making rules or regulations) substitute—
“29(1)The Registrar shall not make a transfer order transferring any legislative functions to a transferee body unless—
(a)the body has furnished him and the Secretary of State with a copy of the instruments it proposes to issue or make in the exercise of those functions, and
(b)they are both satisfied that those instruments will—
(i)afford investors an adequate level of protection,
(ii)in the case of provisions corresponding to those mentioned in Schedule 8 to this Act, comply with the principles set out in that Schedule, and
(iii)take proper account of the supervision of friendly societies by the Registrar under the enactments relating to friendly societies.
(2)In this paragraph “legislative functions” means the functions of issuing or making statements of principle, rules, regulations or codes of practice.”.