The Secretary of State may, by a direction to any of the pre-commencement regulators, require that regulator to make one or more schemes for the transfer from that regulator to OFCOM of such of the regulator's property, rights and liabilities as may be specified or described in the direction.
Where a pre-commencement regulator is required to make a scheme, the scheme must be made by such date as may be specified in the direction.
Before making a scheme in pursuance of a direction under subsection (1), a pre-commencement regulator must consult OFCOM.
A pre-commencement regulator who makes a scheme in pursuance of a direction under subsection (1) shall submit that scheme to the Secretary of State for approval.
A scheme that is required to be so submitted shall have effect only if, and to the extent that, it is approved by the Secretary of State.
The Secretary of State, in approving a scheme, may do so subject to such modifications as he thinks fit.
Where the Secretary of State approves a scheme subject to modifications specified by him, it shall have effect with those modifications.
A scheme approved by the Secretary of State under this section shall come into force either—
Where a scheme is submitted to the Secretary of State under this section, he must—
The Secretary of State may, after consulting OFCOM, himself make a scheme for the transfer of property, rights and liabilities—
and such a scheme shall come into force on such day as the Secretary of State may appoint (whether in the scheme or subsequently).
The Secretary of State is not to make a scheme for the transfer of property, rights and liabilities from a pre-commencement regulator to OFCOM unless—
Schedule 2 (which makes further provision about schemes under this section) shall have effect.