PART 4FINANCIAL AFFAIRS OF REGULATED INSTITUTIONS
Financial management code
27HEFCW's duty to prepare and publish Code
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HEFCW must prepare and publish a code relating to the organisation and management of the financial affairs of regulated institutions (referred to in this Act as “the Code”).
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The Code may make provision about the following matters (among others)—
a
circumstances in which a regulated institution is to enter into a transaction of a class specified in the Code only with the consent of HEFCW;
b
accounting and audit arrangements of regulated institutions;
c
the provision of information to HEFCW.
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A provision of the Code may take the form of a requirement or guidance.
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The governing body of a regulated institution must—
a
comply with any requirement imposed by the Code;
b
take into account any guidance contained in the Code.
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HEFCW may publish the Code in whatever way they think appropriate.
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HEFCW must—
a
keep the Code under review, and
b
if they think it appropriate, prepare and publish a revised Code.
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The Code may make different provision for different purposes (including for different institutions and different descriptions of institution).
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For the purposes of this Part, the Open University is not to be treated as a regulated institution.
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In sections 28, 29 and 30, “the first Code” means the first Code to be published under this section.