Financial Services and Markets Act 2000

Annual report

10 (1) At least once a year the Authority must make a report to the Treasury on—

(a) the discharge of its functions;

(b) the extent to which, in its opinion, the regulatory objectives have been met;

(c) its consideration of the matters mentioned in section 2(3); and

(d) such other matters as the Treasury may from time to time direct.

(2) The report must be accompanied by—

(a) the report prepared by the non-executive committee under paragraph 4(6); and

(b) such other reports or information, prepared by such persons, as the Treasury may from time to time direct.

(3) The Treasury must lay before Parliament a copy of each report received by them under this paragraph.

(4) The Treasury may—

(a) require the Authority to comply with any provisions of the 1985 Act about accounts and their audit which would not otherwise apply to it; or

(b) direct that any such provision of that Act is to apply to the Authority with such modifications as are specified in the direction.

(5) Compliance with any requirement imposed under sub-paragraph (4)(a) or (b) is enforceable by injunction or, in Scotland, an order under section 45(b) of the [1988 c. 36.] Court of Session Act 1988.

(6) Proceedings under sub-paragraph (5) may be brought only by the Treasury.