Part 2

Regulators

Exercise of regulatory functions

Principles
21
1
Any person exercising a regulatory function to which this section applies must have regard to the principles in subsection (2) in the exercise of the function.
2
Those principles are that—
a
regulatory activities should be carried out in a way which is transparent, accountable, proportionate and consistent;
b
regulatory activities should be targeted only at cases in which action is needed.
3
The duty in subsection (1) is subject to any other requirement affecting the exercise of the regulatory function.