Background Part 1 – Regulatory Framework Review of regulatory scheme Section 33 – Review of regulatory schemes
98.This section allows the Lord President to direct an accredited regulator to carry out a review of its regulatory scheme and report on the review including any proposed revisions to its regulatory scheme. If the Lord President is satisfied with a body’s proposed revisions, the Lord President must approve the revised scheme and direct the regulator to apply the revised scheme. If the Lord President considers that other revisions are required, the Lord President may direct the regulator to apply these other revisions or may make comments in relation to the proposed revisions and direct the regulator to take account of the comments. Following the revision of its regulatory scheme, an accredited regulator must publish is revised scheme. The Lord President may vary or revoke a direction made under this provision.