(1) The Minister must not make a recommendation under section 12(2) unless the Minister—
(a) has received a report from the Registrar that assesses the proposed exemption or removal of the exemption; and
(b) has provided the Registrar's assessment to, and has consulted with, such persons and organisations as the Minister considers appropriate; and
(c) in the case of an exemption, is satisfied that the criteria for an exemption are met (including by considering the matters specified in subsection (2), where appropriate).
(2) In assessing whether the criterion for exemption specified in section 12(3)(a)(ii) is met, the Minister must, in respect of the person or class of persons being considered for exemption, have regard (where appropriate) to such matters as—
(a) obligations to clients:
(b) the existence or likelihood of conflicts of interest:
(c) disclosure requirements:
(d) the provision of consumer complaints procedures:
(e) membership standards:
(f) the monitoring and supervision of the performance of individuals:
(g) provision for ongoing training.