Schedule 3 — Minor and Consequential Modifications of Enactments Regulatory objectives and professional principles
286.Paragraphs 1 and 2 make changes to the 2007 Act and the 2010 Act respectively in consequence of the new regulatory objectives and professional principles introduced by Part 1 of the Act. It defines each expression for the purposes of those Acts so that it has the same meaning as in Part 1 of the Act. Some related provisions of the 2010 Act are also repealed or revised in consequence of Part 1, in particular, section 77 (which requires approved regulators to adopt best regulatory practice, including acting in a way that is both compatible with, and which they consider is the most appropriate for meeting, the regulatory objectives) and section 78 (which requires approved regulators to prepare and issue a statement of policy as to how they will comply with their duties under section 77 when exercising their functions under this Part) are repealed.