SCHEDULES
SCHEDULE 10Recognised supervisory bodies
Part 1Grant and revocation of recognition of a supervisory body
Grant and refusal of recognition
2
1
The Secretary of State may, on an application duly made in accordance with paragraph 1 and after being furnished with all such information as he may require under that paragraph, make or refuse to make a recognition order in respect of the applicant.
2
The Secretary of State may make a recognition order only if it appears to him, from the information furnished by the body and having regard to any other information in his possession, that the requirements of Part 2 of this Schedule are satisfied in the case of that body.
3
The Secretary of State may refuse to make a recognition order in respect of a body if he considers that its recognition is unnecessary having regard to the existence of one or more other bodies which—
a
maintain and enforce rules as to the appointment and conduct of statutory auditors, and
b
have been or are likely to be recognised.
4
Where the Secretary of State refuses an application for a recognition order he must give the applicant a written notice to that effect—
a
specifying which requirements, in the opinion of the Secretary of State, are not satisfied, or
b
stating that the application is refused on the ground mentioned in sub-paragraph (3).
5
A recognition order must state the date on which it takes effect.