(1) The Secretary of State may by regulations designate a body for the purposes of -

(a) authorising persons to act as insolvency practitioners, and

(b) regulating persons acting as such.

(2) The designated body may be either -

(a) a body corporate established by the regulations, or

(b) a body (whether a body corporate or an unincorporated association) already in existence when the regulations are made (an "existing body").

(3) The regulations may, in particular, confer the following functions on the designated body -

(a) establishing criteria for determining whether a person is a fit and proper person to act as an insolvency practitioner;

(b) establishing the requirements as to education, practical training and experience which a person must meet in order to act as an insolvency practitioner;

(c) establishing and maintaining a system for providing full authorisation or partial authorisation to persons who meet those criteria and requirements;

(d) imposing technical standards for persons so authorised and enforcing compliance with those standards;

(e) imposing professional and ethical standards for persons so authorised and enforcing compliance with those standards;