(1)The Scottish Ministers may approve the applicant as an approved regulator if they are satisfied that—
(a)for regulating licensed legal services providers in accordance with this Part, the applicant has—
(i)the necessary expertise as regards the provision of legal services (including as deriving from that of the persons within it),
(ii)a thorough understanding of the application of the regulatory objectives and the professional principles,
(iii)sufficient resources (financial and otherwise),
(iv)the capability in other respects,
(b)the applicant will always exercise its regulatory functions—
(i)independently of any other person or interest,
(ii)properly in other respects (in particular, with a view to achieving public confidence),
(c)the applicant’s proposed regulatory scheme is adequate (as determined with particular reference to section 12),
(d)the applicant’s internal governance arrangements are, or will be, suitable (as determined with particular reference to section 27).
(2)The Scottish Ministers may give their approval subject to conditions.
(3)Their approval may be given—
(a) with restrictions imposed by reference to particular categories of—
(i)licensed providers,
(ii)legal services,
(b)either—
(i)without limit of time, or
(ii)for a fixed period of at least 3 years.
(4)The Scottish Ministers may, after consulting the approved regulator, vary (including by addition or deletion) any conditions or restrictions imposed under subsection (2) or (3).
(5)The Scottish Ministers may by regulations make further provision about approval under this section, including (in particular)—
(a)the process for seeking their approval,
(b)in relation to capability to act as an approved regulator, the criteria for their approval (including things that applicants must be able to demonstrate).
(6)Before making regulations under subsection (5), the Scottish Ministers must consult the Lord President.