The Lord Chancellor may by order—
designate the Board as an approved regulator in relation to one or more reserved legal activities;
modify the functions of the Board, and make such other provision relating to those functions as the Lord Chancellor considers necessary or expedient, with a view to enabling the Board to discharge its functions as an approved regulator effectively and efficiently;
cancel the Board's designation as an approved regulator in relation to one or more reserved legal activities.
But the Lord Chancellor may make an order under subsection (1) only if—
the Board has made a recommendation in accordance with section 66, and
the order is in the same form as, or in a form which is not materially different from, the draft order annexed to that recommendation.
If the Lord Chancellor decides not to make an order pursuant to a recommendation made under section 66, the Lord Chancellor must—
give the Board a notice stating the reasons for that decision, and
publish the notice.
In discharging its functions as an approved regulator the Board must take such steps as are necessary to ensure an appropriate financial and organisational separation between the activities of the Board that relate to the carrying out of those functions and the other activities of the Board.
An order under this section may make such modifications of provision made by or under any enactment (including this Act or any Act passed after this Act) as the Lord Chancellor considers necessary or expedient.