The regulatory arrangements of an approved regulator must make such provision as is reasonably practicable and, in all the circumstances, appropriate—
to prevent external regulatory conflicts,
to provide for the resolution of any external regulatory conflicts which arise, and
to prevent unnecessary duplication of regulatory provisions made by an external regulatory body.
For the purposes of this section, an external regulatory conflict is a conflict between—
a requirement of the regulatory arrangements of the approved regulator, and
a requirement of any regulatory provision made by an external regulatory body.
For this purpose "external regulatory body" means a person (other than an approved regulator) who exercises regulatory functions in relation to a particular description of persons with a view to ensuring compliance with rules (whether statutory or non-statutory) by those persons.
Regulatory arrangements made for the purposes of subsection (1)(b) may, with the consent of the Board, provide for the Board to exercise functions in connection with the resolution of conflicts.