(1) Subject to paragraph (3), the recognised accountancy bodies shall perform the functions referred to in section 905(2)(n) of the Companies Act 2014 in accordance with these Regulations.
(2) Subject to Regulation 32(2), the Supervisory Authority shall perform the functions referred to in points (a), (b) and (c) of Article 24(1) of Regulation (EU) No 537/2014.
(3) The Supervisory Authority may perform a function (whether in whole or in part or in a particular instance) referred to in section 905(2)(n) of the Companies Act 2014 instead of the recognised accountancy body concerned if -
(a) the Supervisory Authority -
(i) is satisfied that the body has failed to perform that function in the circumstances concerned, and
(ii) is of the opinion that it is in the public interest that it perform that function in those circumstances,
(b) without prejudice to the generality of subparagraph (a), in the case of investigative and administrative disciplinary systems referred to at subparagr