33.This section defines, for the purposes of the Act, what is meant by a reference to the regulatory functions of a regulatory authority. This definition is used in several places in the Act and is of particular importance in situations where an organisation, such as the Law Society, has both regulatory and representative functions. In those circumstances, the Act requires the organisation to discharge its regulatory functions independently of its representative ones and put in place appropriate structures to support that.
Background Part 1 – Regulatory Framework Meaning of key expressions Section 6 – Meaning of regulatory functions