548. Exercise of regulatory functions.

The Pensions Regulator1 must determine the procedure that it proposes to follow in relation to the exercise of its regulatory functions2. The Determinations Panel3 must determine the procedure to be followed by it in relation to any exercise by it on behalf of the Regulator of: (1) the power to determine whether to exercise a regulatory function; and (2) where the Panel so determines to exercise a regulatory function, the power to exercise the function in question4. The procedure determined under these provisions5: (a) must provide for the procedure required under the provisions for the standard procedure6 and the