Section 706: Recognition of professional body by the Commission.

(1) The Commission may, by an instrument or order, declare a body which appears to it to fall within subsection (2), to be a recognised professional body for the purposes of this section.
(2) A body may be recognised if it regulates the practice of a profession and maintains and enforces rules for securing that its members—
(a) are permitted by or under the rules to act as insolvency practitioners;
(b) are fit and proper persons to act; and
(c) meet acceptable requirements as to education and practical training and experience.
(3) References to members of a recognised professional body are to persons who, whether members of that body or not, are subject to its rules in the practice of the profession in question.
(4) An instrument or order made under subsection (1) in relation to aprofessional body may be revoked by a further order if it appears to the Commission that the body no longer falls within subsection (2).