PART 4

FINANCIAL AFFAIRS OF REGULATED INSTITUTIONS

Financial management code

Procedure if draft Code not approved by Welsh Ministers
29
1
This section applies if the Welsh Ministers decide not to approve a draft of the first Code, or of a revised Code, submitted to them under section 28.
2
The Welsh Ministers must give HEFCW notice of the decision and the reasons for it.
3
If the Welsh Ministers give HEFCW notice under subsection (2) that they have decided not to approve a draft of the first Code, HEFCW must submit a further draft of the first Code to the Welsh Ministers.
4
If the Welsh Ministers give HEFCW notice under subsection (2) that they have decided not to approve a draft of a revised Code, HEFCW must either—
a
submit a further draft of the revised Code to the Welsh Ministers, or
b
give the Welsh Ministers notice—
i
stating that HEFCW have decided not to proceed with the revision of the Code, and
ii
setting out the reasons for that decision.
5
Notice under subsection (2) may specify a period before the end of which HEFCW must comply with subsection (3) or (4) (as appropriate).
6
Before submitting a further draft of the first Code or revised Code to the Welsh Ministers, HEFCW must carry out any further consultation that they think appropriate.
7
A further draft submitted to the Welsh Ministers under this section must be accompanied by a report—
a
explaining how, in preparing the draft, HEFCW have taken into account the reasons set out in the notice given by the Welsh Ministers under subsection (2),
b
setting out HEFCW's reasons for the terms of the draft, and
c
giving details of any consultation carried out under subsection (6) in relation to the draft and summarising the representations received by HEFCW during the consultation.
8
Subsections (2) to (7) apply where the Welsh Ministers decide not to approve a draft submitted to them under this section as they apply where the Welsh Ministers decide not to approve a draft submitted to them under section 28.
S. 29 in force at 1.9.2015 by S.I. 2015/1327, art. 5(i)