PART 4FINANCIAL AFFAIRS OF REGULATED INSTITUTIONS
Financial management code
I128Procedure for approval of Code by Welsh Ministers
1
Before publishing the first Code or a revised Code, HEFCW must—
a
prepare a draft of the first Code or revised Code, and
b
submit the draft to the Welsh Ministers for their approval.
2
In preparing a draft of the first Code or of a revised Code, HEFCW must consult—
a
the governing body of each regulated institution, and
b
any other persons they think appropriate.
3
A draft submitted to the Welsh Ministers under this section must be accompanied by a report—
a
setting out the reasons for the terms of the draft, and
b
giving details of the consultation carried out under subsection (2) and summarising the representations received by HEFCW during the consultation.
4
The Welsh Ministers may direct HEFCW to submit a draft of the first Code or of a revised Code to them under this section before the end of a period specified in the direction.
5
HEFCW must comply with a direction given under subsection (4).