The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors’ Reports) (Authorised Person) Order 2012

Statutory Instruments

2012 No. 1439

Companies

The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors’ Reports) (Authorised Person) Order 2012

Made

31st May 2012

Laid before Parliament

11th June 2012

Coming into force

2nd July 2012

It appears to the Secretary of State that the Conduct Committee of the Financial Reporting Council Limited(1)—

(a) is a body having an interest in, and having satisfactory procedures directed to, monitoring compliance by issuers of transferable securities with accounting requirements imposed by Part 6 rules(2) in relation to periodic accounts and reports produced by such issuers;

(b) is otherwise a fit and proper body to be appointed to exercise the functions mentioned at section 14(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004(3);

(c) will exercise its functions as a prescribed body in accordance with the requirements of this Order;

(d) is a person having an interest in, and having satisfactory procedures directed to, securing compliance by companies with the requirements of the Companies Act 2006(4) (or, where applicable, Article 4 of the IAS Regulation(5)) relating to accounts and directors’ reports;

(e) is a person having satisfactory procedures for receiving and investigating complaints about companies’ annual accounts and directors’ reports;

(f) is otherwise a fit and proper person to be authorised for the purposes of section 456 of the Companies Act 2006; and

(g) will exercise its functions as an authorised person in accordance with the requirements of this Order.

The Secretary of State makes the following Order in exercise of the powers conferred by sections 14(1), (5) and (8) and 15E of the Companies (Audit, Investigations and Community Enterprise) Act 2004(6) and by sections 457(1), (2), (5) and (6), 462 and 1292(1)(b) and (c) of the Companies Act 2006.

(1)

A company registered in England and Wales with number 02486368.

(2)

Defined in section 103(1) of the Financial Services and Markets Act 2000 (c.8); section 103 was substituted by S.I. 2005/1433.

(3)

2004 c.27. Section 14(2) was amended by section 1272 of, and paragraphs 13 and 14 of Schedule 15 to the Companies Act 2006 (c.46).

(4)

2006 c.46.

(5)

Regulation (EC) No. 1606/2002 of the European Parliament and the Council of 19.7.2002 on the application of international accounting standards (OJ L 243, 11.9.2002, p.1).

(6)

Section 14(3) was amended by section 1272 of, and paragraphs 13 and 14 of Schedule 15 to, the Companies Act 2006. Section 15E was inserted by article 3(1) and paragraph 232(2) of Schedule 1 to S.I. 2008/948.