PART IITHE PENSIONS REGULATOR
Exercise of regulatory functions
The Regulator's procedure in relation to its regulatory functions88
1
The Regulator must determine the procedure that it proposes to follow in relation to the exercise of its regulatory functions.
2
For the purposes of this Part the “regulatory functions” of the Regulator are—
a
the power to issue an improvement notice under Article 9,
b
the power to issue a third party notice under Article 10,
F1ba
the power to appoint a skilled person in relation to a public service pension scheme under Article 10A,
c
the reserved regulatory functions (see Schedule 2),
d
the power to issue a clearance statement under Article 38,
e
the power to issue a notice under Article 41(1) approving the details of arrangements,
f
the power to issue a clearance statement under Article 42,
g
the power to vary or revoke under Article 96 (to the extent that it does not fall within sub-paragraph (c)),
h
the power to make an order under Article 138(8),
i
the power to make an order under Article 198(4),
j
the power to grant or revoke authorisation under Article 264,
k
the power to grant or revoke approval under Article 265,
l
the power to issue a notice under Article 269(5),
m
the power by direction under Article 4(3)(a) of the 1999 Order to refuse to register a scheme under Article 4 of that Order,
n
the power to make an order under Article 7 of the 1995 Order appointing a trustee (to the extent that it does not fall within sub-paragraph (c)),
o
the power to make an order under Article 23 of that Order appointing an independent trustee,
p
the power to give directions under Article 72B of that Order (directions facilitating winding up), F4and
F3pa
the power to give a direction under section 74(2) of the Pension Schemes Act 2021 (direction to obtain actuarial valuation or take other steps to remedy or mitigate failure in relation to a collective money purchase scheme),
pb
the power to give a notice under section 80(1) or (4) of that Act (risk notices),
pc
the power to give a direction under section 80(6) of that Act (direction to implement proposals in a resolution plan),
pd
the power to give a direction under section 90(4) of that Act (direction to submit implementation strategy), and
F2pe
the power to give a direction under section 26(7) of the Pension Schemes Act (Northern Ireland) 2021 (direction to submit implementation strategy), and
q
such other functions of the Regulator as may be prescribed.
3
The Determinations Panel must determine the procedure to be followed by it in relation to any exercise by it on behalf of the Regulator of—
a
the power to determine whether to exercise a regulatory function, and
b
where the Panel so determines to exercise a regulatory function, the power to exercise the function in question.
4
The procedure determined under this Article—
a
must provide for the procedure required under—
i
Article 91 (standard procedure), and
ii
Article 93 (special procedure), and
b
may include such other procedural requirements as the Regulator or, as the case may be, the Panel considers appropriate.
5
This Article is subject to—
a
Articles 94 to 98 (the remaining provisions concerning the procedure in relation to the regulatory functions), and
b
any regulations made by the Secretary of State under paragraph 19 of Schedule 1 to the Pensions Act 2004 (c. 35).