(1) The appropriate regulators must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies.
(2) The memorandum must in particular make provision about—
(a) the need for each party when exercising a function in relation to any person (“A”) who is a recognised body, or any member of A's group, to have regard to the exercise (or possible exercise) of any function by the other party in relation to A or any member of A's group;
(b) the role of each party in cases where they are both exercising functions in relation to the same persons;
(c) the obtaining and disclosure of information;
(d) the co-ordination by the parties of the exercise of their powers to appoint competent persons under Part 11 (information gathering and
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