The function set out in paragraph (2) is prescribed for the purposes of section 97(5)(u) of the 2004 Act (special procedure: applicable cases).

The function referred to in paragraph (1) is the Regulator's duty under section 23(4) of the 1995 Act, and regulations made thereunder, to compile and maintain a register of persons who satisfy prescribed conditions to act as independent trustees, but only in so far as that duty entails the removal of a person from that register if he does not satisfy, or no longer satisfies, any such prescribed condition.