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Companies Act 1989

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This is the original version (as it was originally enacted).

11After section 107 of the Financial Services Act 1986 insert—

107AApplication of audit rules to members of self-regulating organisations

(1)The Secretary of State may in rules under section 107 designate provisions which apply, to such extent as may be specified, to a member of a recognised self-regulating organisation in respect of investment business in the carrying on of which he is subject to the rules of the organisation.

(2)It may be provided that the designated rules have effect, generally or to such extent as may be specified, subject to the rules of the organisation.

(3)A member of a recognised self-regulating organisation who contravenes a rule applying to him by virtue of that section shall be treated as having contravened the rules of the organisation.

(4)Except as mentioned above, rules made under section 107 do not apply to members of recognised self-regulating organisations in respect of investment business in the carrying on of which they are subject to the rules of the organisation.

(5)A recognised self-regulating organisation may on the application of a member of the organisation—

(a)modify a rule designated under this section so as to adapt it to his circumstances or to any particular kind of business carried on by him, or

(b)dispense him from compliance with any such rule, generally or in relation to any particular kind of business carried on by him.

(6)The powers conferred by subsection (5) shall not be exercised unless it appears to the organisation—

(a)that compliance with the rule in question would be unduly burdensome for the applicant having regard to the benefit which compliance would confer on investors, and

(b)that the exercise of those powers will not result in any undue risk to investors.

(7)The powers conferred by subsection (5) may be exercised unconditionally or subject to conditions; and subsection (3) applies in the case of a contravention of a condition as in the case of contravention of a designated rule.

(8)The reference in paragraph 4(1) of Schedule 2 (requirements for recognition of self-regulating organisations) to monitoring and enforcement of compliance with rules includes monitoring and enforcement of compliance with conditions imposed by the organisation under subsection (7)..

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