F1PART 2Regulatory Enforcement
Primary authorities
23APrimary authorities for regulated persons and regulated groups
1
For the purposes of this Part, the Secretary of State—
a
may nominate, in relation to a regulated person, a qualifying regulator to be the “primary authority” for the exercise of the partnership functions in relation to that person (a “direct primary authority”);
b
may nominate, in relation to a regulated group, a qualifying regulator to be the “primary authority” for the exercise of the partnership functions in relation to the members of the group (a “co-ordinated primary authority”).
2
The “partnership functions” are the functions specified by the nomination under subsection (1) as covered by it.
3
A function may be so specified only if condition A or B is met.
4
Condition A is that the function—
a
is a relevant function of the primary authority, and
b
is, or (in the case of an activity proposed to be carried on) would be, exercisable by the primary authority in relation to the regulated person or a member of the regulated group.
5
Condition B is that the function—
a
is a relevant function of a qualifying regulator other than the primary authority,
b
is, or (in the case of an activity proposed to be carried on) would be, exercisable by that other regulator in relation to the regulated person or a member of the regulated group, and
c
is equivalent to a relevant function of the primary authority.
6
The Secretary of State may from time to time revise the specification of partnership functions included in a nomination under subsection (1) if—
a
the requirements of subsections (3) to (5) are met in relation to the revised specification,
b
in the case of a nomination under subsection (1)(a), the primary authority and the regulated person have agreed in writing to the revision, and
c
in the case of a nomination under subsection (1)(b), the primary authority and the co-ordinator of the regulated group have agreed in writing to the revision.
7
This Part applies to a revised specification of partnership functions as it applies to a specification of partnership functions under subsection (1); and references in this Part to the partnership functions include partnership functions in the revised specification.
Pt. 2 substituted (4.5.2016 for specified purposes, 1.10.2017 in so far as not already in force) by Enterprise Act 2016 (c. 12), ss. 20(1), 44(1)(c); S.I. 2017/473, reg. 3(b)