[(1) This section has effect for the purposes of this Part.
(2) “Regulatory functions”, in relation to a recognised professional body, means any functions the body has—
(a) under or in relation to its arrangements for or in connection with—
(i) authorising persons to act as insolvency practitioners, or
(ii) regulating persons acting as insolvency practitioners, or
(b) in connection with the making or alteration of those arrangements.
(3) “Regulatory objectives” means the objectives of—
(a) having a system of regulating persons acting as insolvency practitioners that—
(i) secures fair treatment for persons affected by their acts and omissions,
(ii) reflects the regulatory principles, and
(iii) ensures consistent outcomes,
(b) encouraging an independent and competitive insolvency-practitioner profession whose members—
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