The Secretary of State may by regulations make provision about the approval or designation of client money protection schemes for the purposes of regulations under section 133.
The regulations may, in particular, make provision about—
the making of applications for approval,
conditions which must be satisfied before approval may be given or a scheme may be designated;
conditions which must be complied with by administrators of approved or designated client money protection schemes (including conditions requiring the issue of certificates for the purposes of regulations under section 133(3) and about the form of those certificates);
the withdrawal of approval or revocation of a designation.
Regulations under this section may confer a discretion on the Secretary of State in connection with—
the approval or designation of a client money protection scheme,
conditions which must be complied with by the administrator of such a scheme,
the amendment of such a scheme, or
the withdrawal of approval or revocation of designation of such a scheme.