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2. Recognised Professional Bodies

(1) For the purpose of section 1032(2) of the Regulations, "recognised professional body" shall mean any professional body which:
(a) offers a professional qualification in accountancy;
(b) has the power to subject its members to disciplinary proceedings;
(c) operates in one or more jurisdictions where accountancy services are delivered to internationally recognised standards; and
(d) has no fewer than 25,000 members on the date of the publication of these Rules or reaches a membership of 25,000 members after the date of the publication of these Rules.
(2) For the avoidance of doubt, a body that has qualified as a recognised professional body pursuant to the criteria set out in Rule 2(1) above and whose membership subsequently falls below 25,000 members shall remain a recognised professional body for the purposes of section 1032(2).
(3) Nothing in these Rules shall prevent the Board from prescribing other recognised professional bodies for the purposes of section 1032(2) of the Regulations.