Background Part 1 – Regulatory Framework Miscellaneous Section 35 – Replacement regulatory arrangements for authorised providers
100.This section places a duty on the Lord President, where an accredited regulator is a discontinuing regulator (i.e. it is one where it has ceased to function by surrendering its rights under section 30 or has had its rights revoked under section 34) to consult each authorised provider to determine in particular whether a majority of the authorised providers would like another regulator to authorise them to exercise their acquired rights and regulate the exercise of such rights. If the majority is in favour of another regulator authorising and regulating the authorised providers, the Lord President can, in certain cases, amend the regulatory functions of the receiving regulator to enable it to regulate the authorised providers of the discontinuing regulator. In other cases, the Lord President can ask the Scottish Ministers to make regulations (subject to the affirmative procedure) to amend the functions of the receiving regulator.