C4C1C2C3C5Part 42Statutory Auditors

Annotations:
Modifications etc. (not altering text)
C2

Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)

Chapter 2Individuals and firms

Enforcement

F11225Enforcement: general

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,

b

in the case of a recognised professional qualification offered by a recognised qualifying body, that any requirement of Part 2 of Schedule 11 is not satisfied, F4...

c

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) F3or

d

that a recognised supervisory body has not complied with an obligation imposed on it by or by virtue of the Statutory Auditors and Third Country Auditors Regulations 2016.

2

The Secretary of State may do any one or more of the following—

a

give a direction to the body under section 1225A;

b

make an application to the court in respect of the body under section 1225C;

c

impose a financial penalty on the body under section 1225D.

3

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) F2or the powers of the competent authority under regulation 3 of the Statutory Auditors and Third Country Auditors Regulations 2016.