(1) The [FCA] must keep itself informed about—
(a) the way in which designated professional bodies supervise and regulate the carrying on of exempt regulated activities by members of the professions in relation to which they are established;
(b) the way in which such members are carrying on exempt regulated activities.
(2) In this Part—
“exempt regulated activities” means regulated activities which may, as a result of this Part, be carried on by members of a profession which is supervised and regulated by a designated professional body without breaching the general prohibition; and
“members”, in relation to a profession, means persons who are entitled to practise the profession in question and, in practising it, are subject to the rules of the body designated in relation to that profession, whether or not they are members of that body.
(3) The [FCA] must keep under review the desirability of exercising any of its powers under this Part.
(4) Each designated professional body must co-operate with the [FCA], by the sharing of information and in other ways, in order to enable the [FCA] to perform its functions under this Part.
(1) The Treasury may by order designate bodies for the purposes of this Part.
(2) A body designated under subsection (1) is referred to in this Part as a designated professional body.
(3) The Treasury may designate a body under subsection (1) only if they are satisfied that—
(a) the basic condition, and
(b) one or more of the additional conditions,
are met in relation to it.
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