Textual Amendments
F1Pt. 2 substituted (4.5.2016 for specified purposes, 1.10.2017 in so far as not already in force) by Enterprise Act 2016 (c. 12), ss. 20(1), 44(1)(c); S.I. 2017/473, reg. 3(b)
(1)For the purposes of this Part, the Secretary of State—
(a)may nominate, in relation to a regulated person, a qualifying regulator to be the “primary authority” for the exercise of the partnership functions in relation to that person (a “direct primary authority”);
(b)may nominate, in relation to a regulated group, a qualifying regulator to be the “primary authority” for the exercise of the partnership functions in relation to the members of the group (a “co-ordinated primary authority”).
(2)The “partnership functions” are the functions specified by the nomination under subsection (1) as covered by it.
(3)A function may be so specified only if condition A or B is met.
(4)Condition A is that the function—
(a)is a relevant function of the primary authority, and
(b)is, or (in the case of an activity proposed to be carried on) would be, exercisable by the primary authority in relation to the regulated person or a member of the regulated group.
(5)Condition B is that the function—
(a)is a relevant function of a qualifying regulator other than the primary authority,
(b)is, or (in the case of an activity proposed to be carried on) would be, exercisable by that other regulator in relation to the regulated person or a member of the regulated group, and
(c)is equivalent to a relevant function of the primary authority.
(6)The Secretary of State may from time to time revise the specification of partnership functions included in a nomination under subsection (1) if—
(a)the requirements of subsections (3) to (5) are met in relation to the revised specification,
(b)in the case of a nomination under subsection (1)(a), the primary authority and the regulated person have agreed in writing to the revision, and
(c)in the case of a nomination under subsection (1)(b), the primary authority and the co-ordinator of the regulated group have agreed in writing to the revision.
(7)This Part applies to a revised specification of partnership functions as it applies to a specification of partnership functions under subsection (1); and references in this Part to the partnership functions include partnership functions in the revised specification.]