SCHEDULES

C3SCHEDULE 1 The Financial Services Authority

Annotations:
Modifications etc. (not altering text)
C3

Sch. 1 extended (17.8.2001) by S.I. 2001/2617, arts. 2(a), 4(3), 8, Sch. 2 para. 2

C1C2Part I General

Annotations:

Annual report

10

1

At least once a year the Authority must make a report to the Treasury on—

a

the discharge of its functions;

b

the extent to which, in its opinion, the regulatory objectives have been met;

c

its consideration of the matters mentioned in section 2(3); and

d

such other matters as the Treasury may from time to time direct.

2

The report must be accompanied by—

a

the report prepared by the non-executive committee under paragraph 4(6); and

b

such other reports or information, prepared by such persons, as the Treasury may from time to time direct.

3

The Treasury must lay before Parliament a copy of each report received by them under this paragraph.

4

The Treasury may—

a

require the Authority to comply with any provisions of F1the Companies Act 2006 about accounts and their audit which would not otherwise apply to it; or

b

direct that any such provision of that Act is to apply to the Authority with such modifications as are specified in the direction.

5

Compliance with any requirement imposed under sub-paragraph (4)(a) or (b) is enforceable by injunction or, in Scotland, an order under section 45(b) of the M1Court of Session Act 1988.

6

Proceedings under sub-paragraph (5) may be brought only by the Treasury.