Commentary on Sections Power to establish single regulator of insolvency practitioners Section 22: Regulations under section 21: designation of existing body
This section sets out that the Department may only make regulations designating an existing body as the single regulator if the body is able and willing and it has arrangements in place for its functions to be exercised effectively.  It sets out in what circumstances an existing body may become the single regulator and what the Department must do to make this designation.