Section 53: Modification of provision made about regulatory conflict
162.To counter any imbalance arising from the outcome of the provision in section 52(4), section 53 provides that approved regulators whose members are affected by the rules of another approved regulator may ask that the Board exercise its powers under section 32 to direct that the approved regulator take steps to address the offending provision in its regulatory arrangements. Section 53(3) requires approved regulators to consider any request from persons authorised by them or a manager or employee of such persons to make such an application to the Board. The Board must consider representations from both regulators, and may consult others as appropriate, before making a decision over whether or not to modify the rules (see section 53(5)).
