Nothing in this Act authorises the Board to exercise its functions in relation to any representative function of an approved regulator.
But subsection (1) does not prevent the Board exercising its functions for the purpose of ensuring—
that the exercise of an approved regulator's regulatory functions is not prejudiced by its representative functions, or
that decisions relating to the exercise of an approved regulator's regulatory functions are, so far as reasonably practicable, taken independently from decisions relating to the exercise of its representative functions.