The Financial Reporting Council (Miscellaneous Provisions) Order 2021
| Jurisdiction | UK Non-devolved |
| Citation | SI 2021/408 |
| Year | 2021 |
2021 No. 408
Equality
Freedom Of Information
Regulatory Reform
The Financial Reporting Council (Miscellaneous Provisions) Order 2021
Made 25th March 2021
Coming into force in accordance with article 1
The Secretary of State makes the following Order in exercise of the powers conferred by sections 5(1)(a) and (2) and 7(5) of the Freedom of Information Act 20001(“the 2000 Act”), section 24(2) of the Legislative and Regulatory Reform Act 20062(“the 2006 Act”) and section 151(1) of the Equality Act 20103(“the 2010 Act”).
In accordance with section 5(3) of the 2000 Act, the Secretary of State has consulted representatives of the person to whom this Order relates.
In accordance with section 24(6) of the 2006 Act, the Secretary of State has consulted the person whose functions are specified in this Order and such other persons as the Secretary of State considered appropriate.
In accordance with section 152(1) of the 2010 Act, the Secretary of State has consulted the Commission for Equality and Human Rights. In accordance with section 151(8) of that Act, the Secretary of State considers that the extension of the application of section 149 relates to a person by whom a public function is exercisable.
In accordance with section 82(2)(a) of the 2000 Act, section 24(9) of the 2006 Act and section 208(2) and (8) of the 2010 Act, a draft of this Order was laid before Parliament and approved by resolution of each House of Parliament.
Citation and commencement
1. This Order may be cited as the Financial Reporting Council (Miscellaneous Provisions) Order 2021 and comes into force on 6th April 2021 or, if later, the day after the day on which it is made.
Amendment to the Equality Act 2010
2.—(1) Part 1 of Schedule 19 to the Equality Act 2010 (public authorities: general)4is amended as follows.
(2) Under the heading “Industry, business, finance etc”, after the “Financial Conduct Authority”, insert—
“The Financial Reporting Council Limited5.”.
Amendment to the Legislative and Regulatory Reform (Regulatory Functions) Order 2007
3.—(1) The Legislative and Regulatory Reform (Regulatory Functions) Order 20076is amended as follows
(2) In Part 1 of the Schedule, after the “Financial Conduct Authority”, insert—
“The Financial Reporting Council Limited, other than regulatory functions which are functions it had delegated under regulation 3 of the Statutory Auditors and Third Country Auditors Regulations 20167as at 6th April 2021”.
Person designated as a public authority under the Freedom of Information Act 2000
4.—(1) The Financial Reporting Council Limited is designated as a public authority under section 5(1)(a) of the Freedom of Information Act 2000 with respect to the following of its functions—
(a)
(a) monitoring the compliance of issuers of transferrable securities with accounting requirements in Part 6 rules in accordance with section 14 of the Companies (Audit, Investigations and Community Enterprise) Act 20048;
(b)
(b) ensuring that the provision of financial information in accounts complies with Companies Act requirements in accordance with section 456 of the Companies Act 20069;
(c)
(c) the issuing of accounting standards in accordance with section 464 of the Companies Act 200610and the interpretation of those standards;
(d)
(d) the provision, development, operation and maintenance of a public register of third country auditors in accordance with the Statutory Auditors and Third Country Auditors Regulations 201311;
(e)
(e) the public oversight of statutory auditors under the 2016 Regulations;
(f)
(f) the carrying out of tasks to ensure that the provisions of the Audit Regulation are applied in accordance with the 2016 Regulations;
(g)
(g) the determination of technical standards and of other standards on professional ethics and internal quality control of statutory auditors and statutory audit work in accordance with the 2016 Regulations;
(h)
(h) the determination of the manner in which the standards mentioned in sub-paragraph (g) are to be applied in practice in accordance with the 2016 Regulations;
(i)
(i) the application of the standards mentioned in sub-paragraph (g) in accordance with the 2016 Regulations;
(j)
(j) the inspection, monitoring and investigation of audits that are carried out by statutory auditors and third country auditors in accordance with the 2016 Regulations;
(k)
(k) the sanctioning of statutory auditors and third country auditors and the publication of sanctions imposed in accordance with the 2016 Regulations;
(l)
(l) the delegation and reclamation of functions in accordance with regulation 3 of the 2016 Regulations;
(m)
(m) providing independent oversight of the regulation of the accountancy profession;
(n)
(n) providing an independent disciplinary scheme for matters relating to accountancy firms or members of the accountancy professional bodies which raise issues affecting the public interest;
(o)
(o) setting actuarial standards;
(p)
(p) providing independent oversight of the regulation of the actuarial profession;
(q)
(q) providing an independent disciplinary scheme for matters relating to the actuarial profession which raise issues affecting the public interest;
(r)
(r) monitoring and maintaining the UK Corporate Governance Code and its associated guidance; and
(s)
(s) monitoring and maintaining the UK...
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