Part 5

General

Further modification
147
1
The Scottish Ministers may by regulations made by statutory instrument—
a
amend the percentage specified in subsection (1) of section 49, or
b
repeal section 49 (and consequentially the references in this Act to that section).
2
But regulations may be made under subsection (1) only if the Scottish Ministers believe that the effect of the amendment or (as the case may be) repeal would be—
a
compatible with the regulatory objectives, and
b
appropriate in any other relevant respect.
3
Before making regulations under subsection (1), the Scottish Ministers must consult—
a
the Lord President,
b
the Law Society,
c
every approved regulator,
d
the OFT, and such other organisation (appearing to them to represent the interests of consumers in Scotland) as they consider appropriate,
e
such other person or body as they consider appropriate.
4
A statutory instrument containing regulations under subsection (1) is not to be made unless a draft of the instrument has been laid before, and approved by resolution of, the Scottish Parliament.