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United Kingdom Statutory Instruments
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The Supervision of Accounts and Reports (Prescribed Body) Order 2005 No. 715
URL: http://www.bailii.org/uk/legis/num_reg/2005/20050715.html
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STATUTORY INSTRUMENTS
2005 No. 715
COMPANIES
The Supervision of Accounts and Reports (Prescribed Body) Order 2005
|
Made |
15th March 2005 | |
|
Laid before Parliament |
16th March 2005 | |
|
Coming into force |
6th April 2005 | |
Whereas it appears to the Secretary of State that the Financial Reporting Review Panel is a body:
(a) having an interest in, and having satisfactory procedures directed to, monitoring compliance by issuers of listed securities with accounting requirements imposed by listing rules in relation to periodic accounts and reports produced by such issuers; and
(b) otherwise being a fit and proper body to be appointed which will exercise its functions as a prescribed body in accordance with the requirements of this Order:
Now therefore the Secretary of State, in exercise of the powers conferred upon her by section 14(1),(5) and (8) of the Companies (Audit, Investigations and Community Enterprise) Act 2004[1], hereby makes the following Order:
Citation, commencement and interpretation
1.
This Order may be cited as the Supervision of Accounts and Reports (Prescribed Body) Order 2005 and shall come into force on 6th April 2005.
2.
In this Order -
(a) "listing" has the meaning given in section 74(5) of the Financial Services and Markets Act 2000[2];
(b) "the prescribed body" means the body known as the Financial Reporting Review Panel established under the articles of association of The Financial Reporting Review Panel Limited[3];
Appointment
3.
The prescribed body is hereby appointed to exercise the functions mentioned in section 14(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004 in respect of any issuer of listed securities which is:
4.
The prescribed body shall have satisfactory arrangements for recording decisions made in the exercise of the functions it exercises by virtue of its appointment and for the safeguarding of those records which ought to be preserved.
Jacqui Smith
Minister for Industry and the Regions, Deputy Minister for Women and Equality Department of Trade and Industry
15th March 2005
EXPLANATORY NOTE
(This note is not part of the Order)
This Order appoints the Financial Reporting Review Panel established under The Financial Reporting Review Panel Limited to exercise the functions mentioned in section 14(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004. These functions are the keeping under review of certain periodic accounts and reports produced by issuers of listed securities and informing the Financial Services Authority of any conclusions the Panel reaches. In addition as a result of its appointment the Panel may, under s245F of the Companies Act 1985 as applied by section 15 of the Companies (Audit, Investigations and Community Enterprise) Act 2004, require certain persons to produce documents or provide the Panel with information and explanations.
Article 3 limits the appointment of the Panel to certain classes of issuer.
Article 4 contains a requirement for record keeping in relation to the performance of the functions that the Panel exercises by virtue of its appointment.
Notes:
[1]
2004 c.27.back
[2]
2000 c.8back
[3]
Registered number 02569435back
ISBN
0 11 072621 9
| © Crown copyright 2005 |
Prepared
23 March 2005
|