Small Business, Enterprise and Employment Act 2015 (c. 26)

PART 10 U.K. Insolvency

Power to establish single regulator of insolvency practitioners E+W+S

145 Regulations under section 144: designation of existing body E+W+S

(1) The Secretary of State may make regulations under section 144 designating an existing body only if it appears to the Secretary of State that—

(a) the body is able and willing to exercise the functions that would be conferred by the regulations, and

(b) the body has arrangements in place relating to the exercise of those functions which are such as to be likely to ensure that the conditions in subsection (2) are met.

(2) The conditions are—

(a) that the functions in question will be exercised effectively, and

(b) where the regulations are to contain any requirements or other provisions prescribed under subsection (3), that those functions will be exercised in accordance with any such requirements or provisions.

(3) Regulations which designate an existing body may contain such requirements or other provisions relating to the exercise of the functions by the designated body as appear to the Secretary of State to be appropriate.

Commencement Information

I1 S. 145 in force at 1.10.2015 immediately after 2015 c. 20, s. 17 comes into force by S.I. 2015/1689, reg. 3(b)