keeping under review periodic accounts and reports that are produced by issuers of F3transferable securities and are required to comply with any accounting requirements imposed by F4Part 6 rules; and

if the prescribed body thinks fit, informing the F43Financial Conduct Authority of any conclusions reached by the body in relation to any such accounts or report.

to have an interest in, and to have satisfactory procedures directed to, monitoring compliance by issuers of F5transferable securities with accounting requirements imposed by F6Part 6 rules in relation to periodic accounts and reports produced by such issuers; and

otherwise to be a fit and proper body to be appointed.

any particular class or classes of issuers,

any particular class or classes of periodic accounts or reports,

a body is so appointed, but

the F42Financial Conduct Authority requests the body to exercise its functions under subsection (2) in relation to any particular issuer of F7transferable securities in relation to whom those functions would not otherwise be exercisable,

“prescribed body” means a body appointed under that section; and

references to the functions of a prescribed body are to its functions under that section.

may only be used for the purposes of its functions, and

must not be further disclosed except to the person to whom the information relates.

the person did not know, and had no reason to suspect, that the information had been disclosed under this section, or

the person took all reasonable steps and exercised all due diligence to avoid the commission of the offence.

on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);

the issuer;

any officer, employee, or auditor of the issuer;

any persons who fell within paragraph (b) at a time to which the document or information required by the prescribed body relates.

to disclosure permitted by section 15D (permitted disclosure of information obtained under compulsory powers), or

to the disclosure of information that is or has been available to the public from another source.

the person did not know, and had no reason to suspect, that the information had been disclosed under section 15B, or

the person took all reasonable steps and exercised all due diligence to avoid the commission of the offence.

on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);

the Secretary of State,

the Department of Enterprise, Trade and Investment for Northern Ireland,

the Treasury,

the Bank of England F55(including the Bank in its capacity as the Prudential Regulation Authority),

the F56Financial Conduct Authority, or

the Commissioners for Her Majesty’s Revenue and Customs.

for the purpose of assisting a body designated by an order under section 1252 of the Companies Act 2006 (delegation of functions of the Secretary of State) to exercise its functions under Part 42 of that Act (statutory auditors);

for the purposes of enabling the competent authority to exercise its functions under the Statutory Auditors and Third Country Auditors Regulations 2016 or under Regulation (EU) 537/2014 on specific requirements regarding statutory audit of public interest entities;

with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by an accountant or auditor of his professional duties;

for the purpose of enabling or assisting the Department of Enterprise, Trade and Investment for Northern Ireland to exercise any powers conferred on it by the enactments relating to companies, directors’ disqualification or insolvency;

for the purpose of enabling or assisting the Bank of England F57(acting otherwise than in its capacity as the Prudential Regulation Authority) to exercise its functions;

for the purpose of enabling or assisting the Commissioners for Her Majesty’s Revenue and Customs to exercise their functions;

in pursuance of any F68F74assimilated obligation.

whether the use which the other body is likely to make of the information is sufficiently important to justify making the disclosure;

amend subsection (3) of that section (UK public authorities) by specifying a person unless the person exercises functions of a public nature (whether or not he exercises any other function);

amend subsection (4) of that section (purposes for which disclosure permitted) by adding or modifying a description of disclosure unless the purpose for which the disclosure is permitted is likely to facilitate the exercise of a function of a public nature;

amend subsection (5) of that section (overseas regulatory authorities) so as to have the effect of permitting disclosures to be made to a body other than one that exercises functions of a public nature in a country or territory outside the United Kingdom.

issuing accounting standards;

issuing standards in respect of matters to be contained in reports required to be produced by auditors or company directors;

investigating departures from standards within paragraph (a) or (b) or from the accounting requirements of F26the Companies Act 2006 or any requirements of directly applicable F40EU legislation relating to company accounts;

taking steps to secure compliance with such standards or requirements;

keeping under review periodic accounts and reports that are produced by issuers of listed securities and are required to comply with any accounting requirements imposed by listing rules;

exercising the functions of the competent authority under the Statutory Auditors and Third Country Auditors Regulations 2016 and under Regulation (EU) 537/2014 on specific requirements regarding statutory audit of public interest entities;

assessing, and reporting to the Secretary of State on, the comparability of the audit regulatory regimes of third countries to the audit regulatory regime of the United Kingdom;

assessing, and reporting to the Secretary of State on, the adequacy of third country competent authorities, in relation to their ability to co-operate with the competent authority on the exchange of audit working papers and investigation reports;

establishing, maintaining or carrying out arrangements within F29paragraph 21, 22, 23(1) F41, 23A(1) or 24(1) of Schedule 10 to the Companies Act 2006;

exercising functions of the Secretary of State under F30Part 42 of that Act ;

carrying out investigations into public interest cases arising in connection with the performance of accountancy functions by members of professional accountancy bodies;

holding disciplinary hearings relating to members of such bodies following the conclusion of such investigations;

deciding whether (and, if so, what) disciplinary action should be taken against members of such bodies to whom such hearings related;

supervising the exercise by such bodies of regulatory functions in relation to their members;

exercising functions of the Independent Supervisor appointed under Chapter 3 of Part 42 of the Companies Act 2006;

establishing, maintaining or carrying out arrangements within paragraph 1 or 2 of Schedule 12 to the Companies Act 2006;

issuing standards to be applied in actuarial work;

issuing standards in respect of matters to be contained in reports or other communications required to be produced or made by actuaries or in accordance with standards within paragraph (l);

investigating departures from standards within paragraph (l) or (m);

taking steps to secure compliance with standards within paragraph (l) or (m);

exercising functions under regulations made under section 113(3A) of the Pension Schemes Act 1993 or section 109(3A) of the Pension Schemes (Northern Ireland) Act 1993 (preparing guidance for pensions illustrations);

carrying out investigations into public interest cases arising in connection with the performance of actuarial functions by members of professional actuarial bodies;

holding disciplinary hearings relating to members of professional actuarial bodies following the conclusion of investigations within paragraph (p);

deciding whether (and, if so, what) disciplinary action should be taken against members of professional actuarial bodies to whom hearings within paragraph (q) related;

supervising the exercise by professional actuarial bodies of regulatory functions in relation to their members;

overseeing or directing any of the matters mentioned above.

a body is to be regarded as carrying on any subsidiary activities of the body; and

a body’s “subsidiary activities” are activities carried on by any of its subsidiaries or by any body established under its constitution or under the constitution of such a subsidiary.

“grant-aided body” means a body to whom the Secretary of State has paid, or is proposing to pay, grant under section 16; and

any expenses of any body carrying on subsidiary activities of the grant-aided body (within the meaning of that section) are to be regarded as expenses of the grant-aided body.

bodies corporate to which F38, or persons within subsection (3A) to whom, the Secretary of State considers that any of the activities of the specified recipient, or any of its subsidiary activities, are relevant to a significant extent, or

bodies or persons who the Secretary of State considers have a major interest in any of those activities being carried on.

the administrators of a public service pension scheme (within the meaning of section 1 of the Pension Schemes Act 1993);

the trustees or managers of an occupational or personal pension scheme (within the meaning of that section).

specify the rate of the levy and the period in respect of which it is payable at that rate;

make provision as to the times when, and the manner in which, payments are to be made in respect of the levy.

make different provision for different cases.

must take into account the amount of any grant which is to be or has been made to the specified recipient in respect of that period under section 16;

may take into account estimated as well as actual expenses of that body in respect of that period.

keep proper accounts in respect of amounts of levy received, and

prepare in relation to each levy period a statement of account relating to such amounts in such form and manner as is specified in the regulations.

the first regulations under this section, and

any other regulations under this section that would result in any change in the bodies or persons by whom the levy is payable.

the carrying on of those section 16(2) activities of the exempt person that are specified in relation to that person, or

the purported carrying on of any such activities.

if the act or omission is shown to have been in bad faith, or

so as to prevent an award of damages in respect of the act or omission on the grounds that it was unlawful as a result of section 6(1) of the Human Rights Act 1998 (acts of public authorities incompatible with Convention rights).

are to be made by statutory instrument;

may make different provision for different cases;

may make transitional provision and savings.