Prospective
(1)The Lord President may direct an accredited regulator to carry out a review of its regulatory scheme.
(2)Following a review, the accredited regulator must give the Lord President a report on the review containing any revisions it proposes to make to its regulatory scheme (if any).
(3)Where the Lord President considers that the terms of any proposed revision to the regulatory scheme are satisfactory, the Lord President is to approve the revised scheme and direct the accredited regulator to apply the revised scheme.
(4)Subsection (5) applies where the Lord President considers that—
(a)the proposed revisions to the scheme are not satisfactory, or
(b)revisions should have been proposed (but have not been).
(5)Where this subsection applies—
(a)the Lord President may direct the accredited regulator to apply the revisions that the Lord President considers should be made to the regulatory scheme from such date as may be specified in the direction, or
(b)the Lord President may—
(i)provide comments in relation to the proposed revisions to the regulatory scheme, and
(ii)direct the accredited regulator to take account of the comments in reviewing the proposed revisions before giving the Lord President a revised report containing any proposed revision to the scheme.
(6)Subsections (3) to (5) apply in relation to a revised report given to the Lord President under subsection (5)(b) as they apply in relation to a report given to the Lord President under subsection (2).
(7)Following the revision of its regulatory scheme under this section, the accredited regulator must publish its revised scheme in a manner that is accessible to the public, free of charge, by such electronic means as the regulator considers appropriate.
(8)The Lord President may vary or revoke a direction given under this section.
Commencement Information
I1S. 33 not in force at Royal Assent, see s. 103(3)