[F1 PART 5A E+WApproved regulators: information powers

Textual Amendments

F1 Pt. 5A inserted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 210(2), 219(1)(2)(b); S.I. 2024/269, reg. 2(z64)

Other approved regulators: information powers relating to economic crime E+W

111D Order to confer information powers on other approved regulators E+W

(1) The Lord Chancellor may by order amend this Part so as to—

(a) provide for sections 111A to 111C to apply in relation to an approved regulator other than the Law Society as they apply in relation to the Law Society, and

(b) specify the persons to whom notices under section 111A(1) may be given by that approved regulator.

(2) The Lord Chancellor may make an order under this section in relation to an approved regulator only if—

(a) the Board has made a recommendation in accordance with section 111E in relation to that approved regulator, and

(b) the persons specified in the order to whom notices under section 111A(1) may be given by that approved regulator are the same as those persons specified in the recommendation.

111E The Board’s power to recommend orders under section 111D E+W

(1) The Board may recommend to the Lord Chancellor that the Lord Chancellor make an order under section 111D in relation to an approved regulator.

(2) A recommendation must specify the persons to whom the approved regulator should be able to give notices under section 111A(1).

(3) A recommendation may only be made with the consent of the approved regulator.

(4) Before making a recommendation under this section, the Board must publish a draft of the proposed recommendation.

(5) The draft must be accompanied by a notice which states that representations about the proposed recommendation may be made to the Board within a specified period.

(6) Before making the recommendation, the Board must have regard to any representations duly made.]