- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
35.—(1) This paragraph applies where the Secretary of State has reason to believe that the regulator—
(a)has defaulted in performing any function and has not remedied the default, or
(b)is likely to default in performing any function.
(2) Where paragraph (1) applies, the Secretary of State must carry out an investigation in accordance with paragraphs (3) to (5).
(3) Unless the Secretary of State considers that it would not be in the public interest, the Secretary of State must inform the following of the investigation and the grounds for it, and invite them to make representations—
(a)the regulator,
(b)the Authority,
(c)any person or body affected, or likely to be affected, by the default, and
(d)any other person or body the Secretary of State considers appropriate.
(4) The Secretary of State must—
(a)review the facts and evidence, or
(b)appoint a person or body to review the facts and evidence and report to the Secretary of State, and
determine whether there has been, or is likely to be, a default by the regulator.
(5) Unless the Secretary of State considers that it would not be in the public interest, as soon as practicable after the determination referred to in paragraph (4) the Secretary of State—
(a)must notify the regulator of—
(i)the determination and the reasons for it, and
(ii)in the case of a determination that there has been, or is likely to be, a default by the regulator, the time within which the regulator may make representations to the Secretary of State, and
(b)may notify any other person who was informed of the investigation in accordance with paragraph (3), of the determination and the reasons for it.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: