(1)The Regulator may do anything which appears necessary or expedient for the purpose of, or in connection with, the performance of its functions.
(2)The Regulator may not however—
(a)acquire or dispose of land without the consent of Ministers,
(b)borrow money,
(c)give guarantees without the consent of Ministers, or
(d)determine the location of its office premises without the approval of Ministers.
Any function of the Regulator may be performed on its behalf—
(a)by any person (whether or not a member of the Regulator or its staff) authorised by the Regulator to do so, and
(b)to the extent so authorised.
This section does not affect the Regulator’s responsibility for performance of, or its ability to perform, delegated functions.