(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
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