Background Part 1 – Regulatory Framework Consideration and grant Section 28 – Approval of application and giving effect to the regulatory scheme
88.This section provides that if the Lord President is satisfied with a draft regulatory scheme included in an application under section 23 (having considered it in accordance with section 27), the Lord President must approve the application. If the Lord President is not satisfied, the Lord President must refuse it. The Lord President must publish notification of the decision and must include a summary of the reasons for the decision.
89.If the application is approved by the Lord President, the Scottish Ministers must lay before the Scottish Parliament draft regulations to assign the applicant as a category 1 or category 2 regulator. If the application is approved, the body must give effect to the draft regulatory scheme (and apply it as its regulatory scheme) and publish it. A body which has had its application (and regulatory scheme) approved under this section is referred to as an accredited regulator.