The Act of 2012 is amended by the substitution of the following for section 161:

"161. Regulations that may be made by Insolvency Service regarding personal insolvency practitioners

(1) The Insolvency Service, with the consent of the Minister, may and, if directed by the Minister to do so and in accordance with the terms of the direction, shall, following consultation with the Minister for Finance and with any other person as the Insolvency Service deems appropriate or as the Minister directs, by regulations provide for any of the following, for the purposes of the authorisation, regulation and supervision of personal insolvency practitioners and the protection of debtors and creditors who are or may become parties to Debt Settlement Arrangements or Personal Insolvency Arrangements and the maintenance of public confidence in the operation of Debt Settlement Arrangements and Personal Insolvency Arrangements under this Act:

(a) the requirements applicable to -

(i) the authorisation of persons to carry on practice as personal insolvency practitioners;

(ii) the supervision and regulation of persons authorised to carry on practice as personal insolvency practitioners in the performance of their functions under this Act;

(iii) the dealings of a person authorised to carry on practice as a personal insolvency practitioner with the Insolvency Service; and