Section 43 – Change of approved regulator
95.Section 43 provides for a voluntary transfer by a licensed provider to a new regulator, and sets out the timescale and requirements involved.
96.The new approved regulator must consent for the transfer to take effect. The licensed provider must give notice to the former approved regulator and to the Scottish Ministers. The licensed provider must explain why it is transferring and specify the new regulator. It must also specify the date on which the transfer will occur (which must be within 28 days of the notice) and provide a copy of the new approved regulator’s consent to the transfer.
97.The Scottish Ministers have the power (under subsection (6)) to make, by regulations, further provisions relating to such transfers.