27(1)The Regulator must—U.K.
(a)keep proper accounts and proper records in relation to the accounts, and
(b)prepare in respect of each financial year a statement of accounts.
(2)Each statement of accounts must comply with any directions given by the Secretary of State with the approval of the Treasury as to—
(a)the information to be contained in it and the manner in which it is to be presented;
(b)the methods and principles according to which the statement is to be prepared;
(c)the additional information (if any) which is to be provided for the information of Parliament.
(3)The Regulator must send a copy of each statement of accounts—
(a)to the Secretary of State, and
(b)to the Comptroller and Auditor General,
before the end of the month of August next following the financial year to which the statement relates.
(4)The Comptroller and Auditor General must—
(a)examine, certify and report on each statement of accounts which he receives under sub-paragraph (3), and
(b)lay a copy of each statement and of his report before each House of Parliament.
(5)In this paragraph “financial year” means—
(a)the period beginning with the date on which the Regulator is established and ending with the next following 31st March, and
(b)each successive period of 12 months.
Commencement Information
I1Sch. 1 para. 27 in force at 10.2.2005 by S.I. 2005/275, art. 2(4), Sch. Pt. 4