27Consideration of applications
(1)The Lord President is to consider an application submitted under section 23(1) and must consider any written representations made to the Lord President in accordance with section 26(3) and (4).
(2)The Lord President may not consider the application if the Lord President is not satisfied that the requirements of section 26 have been complied with.
(3)The Lord President may make preliminary observations to the body in relation to the draft regulatory scheme accompanying the application.
(4)In the event that the body makes adjustments to the draft regulatory scheme in response to preliminary observations made under subsection (3), the Lord President is to consider the draft scheme as so adjusted.
(5)The Lord President, when considering a draft regulatory scheme, is—
(a)to have regard to whether the provisions of the scheme would be sufficient to achieve, and to ensure the maintenance of, appropriate standards of conduct and practice by persons who may acquire the rights sought, and
(b)to consult—
(i)the Scottish Ministers,
(ii)the Competition and Markets Authority,
(iii)the independent advisory panel of the Commission, and
(iv)such other persons as the Lord President considers appropriate.
(6)In considering the proposed practice rules, the Lord President is to have regard to the desirability of there being common principles applying in relation to the exercising of rights to conduct litigation and rights of audience by all practitioners in relation to the court or, as the case may be, the courts, mentioned in the application.