6Approved regulatorsS
(1)For the purposes of this Part, an approved regulator is a professional or other body which is approved as such by the Scottish Ministers under section 7.
(2)That is, following an application to them by the body under subsection (3).
(3)An application to become an approved regulator must include—
(a)a copy of the applicant's proposed regulatory scheme (see section 7(1)(c)),
(b)a copy of its proposed statement of policy under section 78(1),
(c)a description of—
(i)the applicant's constitution and composition (including internal structure),
(ii)its internal governance arrangements,
(iii)its representative functions (if any),
(iv)its other activities (if any).
(4)The applicant—
(a)must provide the Scottish Ministers with such other information as they may reasonably require for their (or the Lord President's) consideration of its application,
(b)may withdraw its application at any time by giving them written notice to that effect.
(5)No more than 3 approved regulators may exist at any time.
(6)The Scottish Ministers may—
(a)with the agreement of the Lord President, and
(b)after consulting such other person or body as they consider appropriate,
by regulations amend the number specified in subsection (5).
(7)The Scottish Ministers may by regulations prescribe fees that they may charge—
(a)an applicant to become an approved regulator,
(b)approved regulators.
Commencement Information
I1S. 6 in force at 1.4.2011 by S.S.I. 2011/180, art. 3, Sch.