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2(1)The regulatory arrangements of a listed body, as they have effect immediately before paragraph 1 comes into force, are to be treated as having been approved by the Board for the purposes of this Act at the time that paragraph comes into force.E+W
(2)“Listed body” means a body listed in the first column of the Table in paragraph 1 as that Table has effect at the time that paragraph comes into force.
(3)Sub-paragraph (1) is without prejudice to the Board's power to give directions under section 32 (powers to direct an approved regulator to take steps in certain circumstances, including steps to amend its regulatory arrangements).