The Companies (Defective Accounts and Directors’ Reports) (Authorised Person) and Supervision of Accounts and Reports (Prescribed Body) Order 2008

Statutory Instruments

2008 No. 623

Companies

The Companies (Defective Accounts and Directors’ Reports) (Authorised Person) and Supervision of Accounts and Reports (Prescribed Body) Order 2008

Made

5th March 2008

Laid before Parliament

10th March 2008

Coming into force

6th April 2008

It appears to the Secretary of State that the Financial Reporting Review Panel is a person or body—

(a) having an interest in, and having satisfactory procedures directed to—

(i) securing compliance by companies with the requirements of the Companies Act 2006(1) (or, where applicable, Article 4 of the IAS Regulation(2)) relating to accounts and directors’ reports;

(ii) monitoring compliance by issuers of transferable securities with accounting requirements imposed by Part 6 rules(3) in relation to periodic accounts and reports produced by such issuers;

(b) having satisfactory procedures for receiving and investigating complaints about the annual accounts and directors’ reports of companies;

(c) which is otherwise a fit and proper person to be authorised and a fit and proper body to be appointed;

(d) which will exercise its functions as an authorised person and as a prescribed body in accordance with the requirements of this Order:

The Secretary of State makes the following Order in exercise of the powers conferred by section 14(1), (5) and (8) of the Companies (Audit, Investigations and Community Enterprise) Act 2004(4) and by section 457(1), (2), (5) and (6) of the Companies Act 2006:

(1)

2006 c.46.

(2)

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

(3)

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

(4)

2004 c.27; section 14 was amended by regulation 2(3) of, and paragraph 5 of Schedule 3 to, S.I. 2005/1433 and by section 1272 of, and paragraphs 13 and 14 of Schedule 15 to the Companies Act 2006.