The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 No. 1741

PART 3 U.K. Transfer of Functions of the Secretary of State

Payment of amounts of financial penalties (less costs) by designated body to Secretary of State U.K.

13.—(1) The designated body must, subject to subsection (2), pay the amount of a financial penalty under section 1225D M1 to the Secretary of State as soon as reasonably practicable after it is paid to the body.

(2) The designated body may deduct and retain from the amount of any financial penalty a sum in respect of its reasonable costs incurred in relation to the imposition of that penalty up to the time of the giving of the relevant notice under section 1225E(5).

(3) The costs of the designated body referred to in subsection (2) are—

(a) its administrative costs (including any administrative costs incurred in determining that the requirement or obligation in respect of which the financial penalty was imposed had not been complied with);

(b) its costs of obtaining legal advice (including any legal advice in connection with determining that the requirement or obligation in respect of which the financial penalty was imposed had not been complied with);

(c) any other costs incurred in determining that the requirement or obligation in respect of which the financial penalty was imposed had not been complied with.

Marginal Citations

M1 Section 1225D is inserted by article 3 of this Order.