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(1)This section applies where an accredited regulator has carried out a review of its regulatory scheme on its own initiative and proposes such revision to its scheme as it considers appropriate in light of the review.
(2)The accredited regulator must send a report to the Lord President detailing the proposed revision to the scheme.
(3)Following receipt of a report under subsection (2), the Lord President may—
(a)approve the proposed revision to the scheme,
(b)not approve the proposed revision to the scheme,
(c)direct the accredited regulator to make such revision to its scheme as the Lord President considers should be made.
(4)Following revision of its scheme pursuant to paragraph (a) or (c) of subsection (3), the accredited regulator must publish the revised scheme in a manner that is accessible to the public, free of charge, by such electronic means as the regulator considers appropriate.
(5)The Lord President may vary or revoke a direction given under subsection (3)(c).
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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.
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