(1)The regulatory arrangements of an approved regulator must make such provision as is reasonably practicable to prevent regulatory conflicts.
(2)For the purposes of this section and section 53, a regulatory conflict is a conflict between—
(a)a requirement of the approved regulator's regulatory arrangements, and
(b)a requirement of the regulatory arrangements of another approved regulator.
(3)Subsection (4) applies where a body is authorised by an approved regulator (“the entity regulator”) to carry on an activity which is a reserved legal activity.
(4)If a conflict arises between—
(a)a requirement of the regulatory arrangements of the entity regulator, in relation to the body authorised by the entity regulator or an employee or manager of the body (“an entity requirement”), and
(b)a requirement of the regulatory arrangements of another approved regulator in relation to an employee or manager of the body who is authorised by it to carry on a reserved legal activity (“an individual requirement”),
the entity requirement prevails over the individual requirement.