The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012
| Jurisdiction | UK Non-devolved |
| Citation | SI 2012/1741 |
(1) This Order may be cited as the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012.(2) This Order comes into force on 2nd July 2012.In this Order— The Schedule (which makes minor and consequential amendments) has effect. For section 1225 of the Act (compliance orders) , substitute— in the case of a recognised supervisory body, that any requirement of Part 2 in the case of a recognised professional qualification offered by a recognised qualifying body, that any requirement of Part 2 that a recognised supervisory body or a recognised qualifying body has not complied with an obligation imposed on it by or by virtue of this Part (other than an obligation to pay a financial penalty under section 1225D) .give a direction to the body under section 1225A;make an application to the court in respect of the body under section 1225C;impose a financial penalty on the body under section 1225D.Subsection (2) is without prejudice to the powers of the Secretary of State under paragraph 3 of Schedule 10 and paragraph 3 of Schedule 11 (revocation of recognition orders) .secure that the requirement in question is satisfied or the obligation in question is complied with, ormitigate the effect, or prevent the recurrence, of the failure to satisfy the requirement or comply with the obligation.may only require a body to take steps which it has power to take;may require a body to refrain from taking a particular course of action.The power to give a direction under this section is subject to any provision made by or under any other enactment.The Secretary of State may take such steps as the Secretary of State considers appropriate to monitor the extent to which a direction under this section is being, or has been, complied with.Before giving a direction to a body under section 1225A, the Secretary of State must give the body a notice (a “notice of proposed direction”) accompanied by a copy of the proposed direction.state that the Secretary of State proposes to give the body a direction in the form of the accompanying draft,identify the requirement or obligation in question and state why it appears to the Secretary of State that the requirement is not satisfied or the obligation has not been complied with,specify a period within which the body may make written representations with respect to the proposal.must begin with the date on which the notice of proposed direction is given to the body, andmust not be less than 14 days.Written representations made by the body within the period specified under subsection (2) (c) must be considered by the Secretary of State.After considering any such representations or, in their absence, on the expiry of the period specified under subsection (2) (c) , the Secretary of State must decide whether to give the body the proposed direction.The Secretary of State must give notice of the decision (a “direction decision notice”) to the body.contain the direction,state the time at which the direction is to take effect, andspecify the Secretary of State's reasons for the decision to give the direction.Where the Secretary of State decides to give the proposed direction, the Secretary of State must publish the direction decision notice in such manner as the Secretary of State considers appropriate for bringing the direction to the attention of persons likely to be affected.give the body notice of the revocation, andpublish the notice in the same manner as the direction decision notice was published.If on an application under this section in respect of a body, the court decides that a requirement is not satisfied or an obligation has not been complied with, the court may, subject to subsection (2) , order the body to take such steps as it considers will secure that the requirement is satisfied or the obligation is complied with.the requirement in respect of which the direction was given is not satisfied, orthe obligation in respect of which the direction was given has not been complied with.In this section, “the court” means the High Court or, in Scotland, the Court of Session.A financial penalty imposed on a body under this section is a financial penalty of such amount as the Secretary of State considers appropriate, subject to subsection (2) .must have regard to the nature of the requirement which is not satisfied or the obligation which has not been complied with; andmust not take into account the Secretary of State's costs in discharging functions under this Part.A financial penalty under this section is payable to the Secretary of State.In sections 1225E to 1225G, references to a penalty are to a financial penalty under this
- “(1) This section applies if at any time it appears to the Secretary of State—
- (a) in the case of a recognised supervisory body, that any requirement of Part 2 or 3 of Schedule 10 is not satisfied,
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