The Regulator may approve any person (other than a local authority landlord) as a person who may exercise the right conferred by section 125.

An approval may be given generally or for particular persons, acquisitions, areas or purposes and different approvals may be given for different cases.

An approval may be given subject to conditions (for example, an approval may specify a maximum number of houses which the approved person may acquire).

The Regulator may vary or revoke an approval (but such a revocation or approval has no effect on transactions previously completed).