Background Part 1 – Regulatory Framework Review of regulatory scheme Sections 32 – Review of regulatory scheme on initiative of accredited regulator
97.This section provides that, where an accredited regulator has reviewed its regulatory scheme under its own initiative and proposes such revision to its scheme as it considers appropriate, it must provide a report for the Lord President’s consideration to agree any changes. The provision gives the Lord President the power to approve or not approve the proposed revision or to direct the accredited regulator to revise the scheme.