l

issuing standards to be applied in actuarial work;

m

issuing standards in respect of matters to be contained in reports or other communications required to be produced or made by actuaries or in accordance with standards within paragraph (l);

n

investigating departures from standards within paragraph (l) or (m);

o

taking steps to secure compliance with standards within paragraph (l) or (m);

p

carrying out investigations into public interest cases arising in connection with the performance of actuarial functions by members of professional actuarial bodies;

q

holding disciplinary hearings relating to members of professional actuarial bodies following the conclusion of investigations within paragraph (p);

r

deciding whether (and, if so, what) disciplinary action should be taken against members of professional actuarial bodies to whom hearings within paragraph (q) related;

s

supervising the exercise by professional actuarial bodies of regulatory functions in relation to their members;

t

overseeing or directing any of the matters mentioned above.

“professional actuarial body” means—

a

the Institute of Actuaries, or

b

the Faculty of Actuaries in Scotland,

and the “members” of a professional actuarial body include persons who, although not members of the body, are subject to its rules in performing actuarial functions;

“regulatory functions”, in relation to professional actuarial bodies, means any of the following—

a

investigatory or disciplinary functions exercised by such bodies in relation to the performance by their members of actuarial functions,

b

the setting by such bodies of standards in relation to the performance by their members of actuarial functions, and

c

the determining by such bodies of requirements in relation to the education and training of their members;