Part 4Regulation of approved regulators
Regulatory conflict
54Regulatory conflict with other regulatory regimes
1
The regulatory arrangements of an approved regulator must make such provision as is reasonably practicable and, in all the circumstances, appropriate—
a
to prevent external regulatory conflicts,
b
to provide for the resolution of any external regulatory conflicts which arise, and
c
to prevent unnecessary duplication of regulatory provisions made by an external regulatory body.
2
For the purposes of this section, an external regulatory conflict is a conflict between—
a
a requirement of the regulatory arrangements of the approved regulator, and
b
a requirement of any regulatory provision made by an external regulatory body.
3
For this purpose “external regulatory body” means a person (other than an approved regulator) who exercises regulatory functions in relation to a particular description of persons with a view to ensuring compliance with rules (whether statutory or non-statutory) by those persons.
4
Regulatory arrangements made for the purposes of subsection (1)(b) may, with the consent of the Board, provide for the Board to exercise functions in connection with the resolution of conflicts.