Search Legislation

Finance Act 2002

Status:

This is the original version (as it was originally enacted).

Part 2Accredited community development finance institutions

Application and criteria for accreditation

4(1)Applications for accreditation as a community development finance institution must be made to the Secretary of State in such form and manner as he may specify.

(2)The Secretary of State shall accredit a body if, and only if, he is satisfied—

(a)that the body’s principal objective is to provide (directly or indirectly)—

(i)finance, or

(ii)finance and access to business advice,

for enterprises for disadvantaged communities, and

(b)that the body satisfies such other criteria as may be specified in regulations made by the Treasury.

(3)For the purposes of this paragraph “enterprises for disadvantaged communities” include—

(a)enterprises located in disadvantaged areas, and

(b)enterprises owned or operated by, or designed to serve, members of disadvantaged groups.

(4)The criteria mentioned in paragraph (b) of sub-paragraph (2) may include criteria relating to the enterprises to which the body provides or proposes to provide finance or access to business advice.

(5)Regulations under that paragraph may—

(a)make the provision mentioned in that paragraph by reference to any material published by, or on behalf of, the Secretary of State (whether before or after the coming into force of this paragraph), and

(b)make different provision for different cases or circumstances or in relation to different areas.

(6)Without prejudice to the generality of sub-paragraph (5)(b), those regulations may, in particular, make different provision in the case of bodies whose principal objective in providing finance as mentioned in sub-paragraph (2)(a) is to invest directly in enterprises that use the money raised for the purposes of the business of the enterprise in cases where—

(a)that business does not include the provision of finance for other enterprises, or

(b)if it includes any such provision, the nature and extent of that provision satisfies such conditions as the Treasury may, by regulations, prescribe.

(7)Where the Secretary of State accredits a body of the kind mentioned in sub-paragraph (6), he shall specify in the accreditation that the body is accredited as a retail community development finance institution.

Terms and conditions of accreditation

5(1)An accreditation under this Schedule shall—

(a)be made on—

(i)such terms as regulations may require, and

(ii)such other terms as the Secretary of State considers appropriate, and

(b)be made conditional upon compliance with—

(i)such requirements as regulations may require, and

(ii)such other requirements as the Secretary of State considers appropriate.

(2)The requirements that may be imposed by virtue of sub-paragraph (1)(b) include requirements relating to the provision of information.

(3)Regulations may—

(a)make provision for appeals to the Special Commissioners against refusals to grant accreditation under this Schedule;

(b)make provision about the consequences of a failure to comply with any requirement of an accreditation, including—

(i)provision for the withdrawal of the accreditation with effect from the time of the failure or a later time; and

(ii)provision for the imposition of penalties;

(c)make provision for the making of decisions by the Secretary of State as to any matter required to be decided for the purposes of the regulations;

(d)make different provision for different cases or circumstances or in relation to different areas; and

(e)make such incidental, supplemental, transitional and consequential provision as appears to the Treasury to be necessary or expedient.

(4)In this paragraph “regulations” means regulations made by the Treasury.

Delegation of Secretary of State’s functions

6The Secretary of State may delegate any functions conferred on him by or under this Part.

Period of accreditation

7(1)An accreditation has effect for a period of three years beginning on such day as may be specified in the accreditation, being a day which is no earlier than—

(a)if the body is not accredited under this Schedule at the time the application is made, the day the accreditation is granted, and

(b)if the body is so accredited, the time the body’s current accreditation expires.

This is subject to sub-paragraphs (2) and (3).

(2)Where the application for an accreditation is made before 6th April 2003, the accreditation may specify that it is to have effect for a period—

(a)beginning on 17th April 2002 or such later day as may be specified in the accreditation, and

(b)ending immediately before the third anniversary of the day the accreditation is granted.

(3)Where the body is accredited at the time the application is made and it makes a request under this sub-paragraph, the new accreditation may specify that the existing accreditation is to be treated for the purposes of this Schedule (including sub-paragraph (1)(b) above) as expiring immediately before the grant of the new accreditation (if it would otherwise expire at a later time).

(4)This paragraph has effect subject to paragraph 5(3)(b) (power to provide for the withdrawal of accreditation).

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources