Section 14 Exercise of regulatory functionsI1I2
Scotland
(1)
A category 2 regulator must exercise its regulatory functions—
(a)
independently of its other functions or activities (if any),
(b)
properly in all respects (in particular, with a view to achieving public confidence).
(2)
The internal governance arrangements of a category 2 regulator must incorporate such provision as is necessary with a view to ensuring that the regulator—
(a)
always exercises its regulatory functions in accordance with subsection (1),
(b)
allocates sufficient resources (financial and otherwise) to the exercise of its regulatory functions,
(c)
regularly reviews how effectively it is exercising its regulatory functions (in particular, by reviewing the effectiveness of its regulatory scheme).