Part 4Regulation of approved regulators
The Board as approved regulator
68Regulatory conflict and the Board as approved regulator
1
An approved regulator may make a request under subsection (4) if it considers that the regulatory arrangements of the Board (in its capacity as an approved regulator) do not make appropriate provision to prevent a conflict between—
a
a requirement of those regulatory arrangements, and
b
a requirement of the regulatory arrangements of the approved regulator.
2
An affected person in relation to an approved regulator may request the approved regulator to exercise its powers under subsection (1).
3
An affected person in relation to the Board may make a request under subsection (4) if the person considers that the regulatory arrangements of the Board (in its capacity as an approved regulator) do not make appropriate provision to prevent a conflict between—
a
a requirement of those regulatory arrangements, and
b
a requirement of the regulatory arrangements of an approved regulator.
4
The request is a request made to the Board (in its capacity as an approved regulator) that it reconsider the provision made by its regulatory arrangements to prevent a regulatory conflict with the conflicting regulator.
5
An affected person in relation to the Board may make an application under subsection (6) if the person considers that the regulatory arrangements of an approved regulator do not make appropriate provision to prevent a conflict between—
a
a requirement of those regulatory arrangements, and
b
a requirement of the regulatory arrangements of the Board (in its capacity as an approved regulator).
6
The application is an application to the Board for it to exercise its powers under section 32 to direct the approved regulator—
a
to take steps to modify, in such manner as may be specified in the direction, the provision made by its regulatory arrangements to prevent a regulatory conflict with the Board (in its capacity as an approved regulator), or
b
if its regulatory arrangements do not make any such provision, to make such provision as may be specified in the direction to prevent such a conflict.
7
An affected person in relation to an approved regulator (other than the Board) may make a request under subsection (8) if the person considers that the regulatory arrangements of the approved regulator do not make appropriate provision to prevent a conflict between—
a
a requirement of those regulatory arrangements, and
b
a requirement of the regulatory arrangements of the Board (in its capacity as an approved regulator).
8
The request is a request to the approved regulator that it reconsider the provision made by its regulatory arrangements to prevent a regulatory conflict with the Board.
9
The Board (in its capacity as an approved regulator) and any other approved regulator must consider any request made to it under this section.
10
Subsections (5) to (8) of section 53 apply in relation to an application under subsection (6) as they apply in relation to an application under that section, except that—
a
references to the applicant regulator are to be read as references to the person who made the application, and
b
references to the conflicting regulator are to be construed in accordance with this section.
11
In this section—
“affected person” in relation to the Board or any other approved regulator, means—
- a
any person authorised by the body to carry on a reserved legal activity, or
- b
an employee or manager of such a person;
- a
“conflicting regulator” means—
- a
in a case within subsection (1), the approved regulator making the request, and
- b
in a case within subsection (3) or (5), the approved regulator whose regulatory arrangements are considered to conflict with those of the Board.
- a