(1)The Scottish Ministers may by regulations make provision which establishes a body with a view to its becoming an approved regulator.
(2)The Scottish Ministers may by regulations make provision which allows them to act as an approved regulator in such circumstances as the regulations may prescribe.
(3)Regulations under subsection (2) may provide for this Part to apply with or subject to such modifications as the regulations may specify.
(4)No regulations are to be made under subsection (1) or (2)—
(a)without the Lord President’s agreement, and
(b)unless the Scottish Ministers believe that their intervention under this section is necessary, as a last resort, in order to ensure that the provision of legal services by licensed providers is regulated effectively.