Clause 54
Legal Services Bill [Lords]
6:30 pm
Nicholas Winterton (Macclesfield, Conservative)
With this it will be convenient to discuss amendment
No. 252, in clause 54, page 30, line 27, at end insert—
‘(2A) An external regulatory body may make an application to an approved regulator under this section if it considers that the arrangements of the approved regulator—
(a) frustrate the exercise of the external regulatory body’s requirements, or
(b) conflict with the external regulatory body’s regulatory requirements, or
(c) give rise to unnecessary duplication of regulatory requirements for the subjects of the external regulatory body.
(2B) For the purposes of subsection (2A)(c) above, “subjects” means any individuals or entities subject to the regulatory powers and jurisdication of the external regulator.
(2C) Where an application is made to an approved regulator under this section, the approved regulator must—
(a) determine whether such regulatory conflict exists with the external regulatory body’s requirements and, where it so determines, take such steps as are reasonably practicable to address the regulatory conflict outlined by the external regulatory body, or,
(b) in the absence of satisfactory resolution and where provisions for the resolution of external regulatory conflict provide, make an application to the Board under subsection (4).’.