Companies Act 2014

• (b) it is made before a person authorised under the law of that place to administer oaths in that place and subsection (3), (4) or (5), whichever applies, is complied with.

• (2) Subsection (1) is—

• (a) without prejudice to the circumstances set out in the Statutory Declarations Act 1938 in which a statutory declaration may be made, and

• (b) in addition to, and not in substitution for, the circumstances provided under the Diplomatic and Consular Officers (Provision of Services) Act 1993 or any other enactment in which a statutory declaration made by a person outside the State is regarded as a statutory declaration validly made (whether for purposes generally or any specific purpose).

• (3) In a case falling within subsection (1)(b), and if the foreign place in question is situate in a state that is a contracting party to the EC Convention, then (unless that Convention does not extend to that particular place), the provisions of the EC Convention with regard to authentication shall apply in relation to the statutory declaration concerned, including the procedures for verification of any matter in circumstances where serious doubts, with good reason, arise in respect of that matter.

• (4) In a case falling within subsection (1)(b), and if the foreign place in question is situate in a state that is a contracting party to the Hague Convention but is not a contracting party to the EC Convention, then (unless the Hague Convention does not extend to that particular place), the provisions of the Hague Convention with regard to authentication shall apply in relation to the statutory declaration concerned, including the procedures for verification of any matter in circumstances where serious doubts, with good reason, arise in respect of that matter.

• (5) In a case falling within subsection (1)(b) to which neither subsection (3) nor (4) applies, the following shall be authenticated in accordance with the law of the foreign place in question:

• (a) the signature of the person making the declaration (the “declarer”); and

• (b) to the extent that that law requires either or both of the following to be authenticated—

• (i) the capacity in which the declarer has acted in making the declaration;

• (ii) the seal or stamp of the person who has administered the oath to the declarer.

• (6) The Registrar may, in respect of a statutory declaration that purports to have been authenticated in the manner specified in subsection (5) and to be made in pursuance of or for the purposes of this Act, require such proof as the Registrar considers appropriate of any particular requirements of the law referred to in subsection (5).

• (7) In this section—

“EC Convention” means the Convention Abolishing the Legalisation of Documents in the Member States of the European Communities of 25 May 1987;

“foreign place” means a place outside the State;

“Hague Convention” means the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents done at the Hague on 5 October 1961;

“statutory declaration”, in addition to the meaning assigned to it by the Interpretation Act 2005, means a declaration that conforms with the requirements of the Statutory Declarations Act 1938, except for any requirements contained in section 1 of that Act or any other provision of it, expressly or impliedly limiting—

• (a) the class of persons who may take and receive a declaration; or

• (b) the places in which a declaration may be taken or received.

• (8) A statutory declaration made—

• (a) before 24 December 2006,

• (b) in a place outside the State,

• (c) before—

• (i) if the place is not a place in England and Wales, Northern Ireland or Scotland, a person authorised under the law of that place to administer oaths or a person entitled under the Solicitor’s Act 1954 to practise as a solicitor in the State, or

• (ii) if the place is a place in England and Wales, Northern Ireland or Scotland—

• (I) a person entitled under the law of England and Wales, Northern Ireland or Scotland, as the case may be, to practise as a solicitor in England and Wales, Northern Ireland or Scotland, as the case may be, or to administer oaths there, or

• (II) a person entitled under the Solicitor’s Act 1954 to practise as a solicitor in the State,

and

• (d) purporting to be made in pursuance of or for the purposes of the Companies Acts (being the collective citation, with respect to enactments concerning companies, as stood provided, for the time being, by statute),

shall, if the declaration was delivered to the Registrar before 24 December 2006, be valid and deemed always to have been valid notwithstanding anything in the Diplomatic and Consular Officers (Provision of Services) Act 1993 or any other enactment and anything done on foot of that declaration’s delivery to the Registrar, including any subsequent registration of that declaration by the Registrar, shall be valid and be deemed always to have been valid notwithstanding anything in that Act or any other enactment.

• (9) Nothing in subsection (8) affects any proceedings commenced before 24 December 2006.

PART 15 FUNCTIONS OF REGISTRAR AND OF REGULATORY AND ADVISORY BODIES

CHAPTER 1 Registrar of Companies

887. Registration office, “register”, officers and CRO Gazette

887. (1) The Minister shall maintain and administer an office or offices in the State at such places as the Minister thinks fit for the purposes of—

• (a) the registration of companies under this Act, and

• (b) the performance of the other functions under this Act expressed to be performable by the Registrar.

• (2) A reference in this Act to the register (where the context is not that of a register to be kept by a company or other body) is a reference to, as appropriate—

• (a) the register to be kept by the Registrar (which the Registrar is empowered by this subsection to keep) in which notices or other documents, information or things delivered in pursuance of this Act to the Registrar are to be registered or recorded (and in which, in particular, in the case of a registration of a company, the fact of the company’s incorporation is to be disclosed), or

• (b) the particular register that a provision of this Act requires the Registrar to keep for a special purpose,

but any such register as is mentioned in paragraph (b) shall, for the purposes generally of this Act, be regarded as forming part of the first-mentioned register.

• (3) The Minister may appoint a registrar (who shall be known as the “Registrar of Companies”) and such assistant registrars as he or she thinks necessary for any of the purposes referred to in subsection (1), and may make regulations with respect to their duties and may remove any persons so appointed.

• (4) The Minister may direct a seal or seals to be prepared for the authentication of documents required for or connected with any of the purposes referred to in subsection (1).

• (5) A person appointed under section 368 of the Act of 1963 before the commencement of this section and who holds office immediately before such commencement (and, in particular the person mentioned in subsection (6)) shall continue in office for the unexpired period of his or her term unless he or she sooner retires, resigns or dies or is removed from office.

• (6) The person referred to in subsection (5) is the person who holds the office bearing the title “Registrar of Companies” and that person shall continue to be known by that title for so long as that person continues to hold office in accordance with that subsection.

• (7) The electronic gazette maintained by the Registrar before the commencement of this section and known as the “Companies Registration Office Gazette” shall continue to be maintained by the Registrar and is referred to in this Act as the “CRO Gazette”.

• (8) Any act referred to in subsection (4) of section 368 of the Act of 1963 which, before 21 December 1999, was done by—

• (a) an assistant registrar appointed under subsection (2) of that section, or

• (b) any other person employed in the office of the Registrar to perform generally duties under any enactment referred to in that subsection (4),

shall be valid and be deemed always to have been valid as if the Minister had directed under that subsection (4) that such an act was to be done to or by such an assistant registrar or such other person (including in cases where the existing registrar of joint stock companies (or his or her successor) was not absent).

• (9) Any act required or authorised by—

• (a) this Act,

• (b) the Limited Partnerships Act 1907, or

• (c) the Registration of Business Names Act 1963,

to be done to or by the Registrar, the registrar of joint stock companies or a person referred to in the enactment as “the registrar”, as the case may be, may be done to or by a registrar or assistant registrar appointed under subsection (3), a person continued in office by virtue of subsection (5) or any other person so authorised by the Minister.

888. Authentication of documents other than by signing or sealing them

888. A requirement of this Act that a document shall be signed or sealed shall be satisfied if the document is authenticated in the prescribed manner.

888A. F637[Cases in which director must supply certain data

888A. (1) On and after the commencement of section 35 of the Companies (Corporate Enforcement Authority) Act 2021 and notwithstanding section 262 (9) of the Social Welfare Consolidation Act 2005, a director shall include his or her personal public service number (or, in any case where the director does not have a personal public service number, such other information concerning the identity of the director as stands determined by the Registrar for the purposes of this section) in—

• (a) an application made under this Act by him or her to incorporate a company,

• (b) an annual return made under this Act by a company of which he or she is a director, and

• (c) a notice of change of directors or secretaries made under this Act by a company of which he or she is a director.

• (2) Any person who, without just cause, fails to comply with subsection (1) shall be guilty of a category 4 offence.

• (3) In this section, "personal public service number", in relation to a director, means the number that has been issued to the director in accordance with section 262 (2) of the Social Welfare Consolidation Act 2005.]

888B. F638[Information on composition of board of directors by reference to gender

888B. ...]

889. Fees

889. (1) In respect of the doing of the following (where the provision concerned does not, itself, expressly provide for the payment of a prescribed fee in that behalf), namely—

• (a) the registration of a company,

• (b) the registration of any notice, return or other document, or

• (c) the doing of any other thing that the Registrar is required or authorised by or under this Act to do (whether, at the request or direction of, or on application of any person, or otherwise in the circumstances provided by or under this Act),

regulations may be made by the Minister requiring the payment to the Registrar of a fee, of an amount specified in the regulations, by the person concerned.

• (2) The references in subsection (1)(a) and (b) to registration, and the reference in subsection (1)(c) to the doing of any other thing, include a reference to—

• (a) a case in which, in accordance with this Act or an instrument thereunder, registration or the doing of the other thing is declined or otherwise not proceeded with by the Registrar, and

• (b) a case in which the application or request for registration or the doing of the other thing is withdrawn.

• (3) Where a provision of this Act expressly provides for the payment of a prescribed fee in respect of the doing of a thing referred to in subsection (1)(a) or (b), that provision shall be read as imposing liability for payment of the fee notwithstanding that the matter eventuates in a case referred to in subsection (2)(a) or (b).

• (4) In subsection (1) “person concerned” means—

• (a) in a case where the registration is to be effected or the other thing concerned is to be done by the Registrar at the instance of a person — that person, or

• (b) in any other case — the person who is specified in the regulations to be the person concerned for the purpose of that case (and the person so specified may be such person as the Minister reasonably determines to be the person for whom the principal benefit will enure by the thing concerned being done by the Registrar).

• (5) Different amounts of fees may be so specified for different classes of case in which a thing falling within any particular paragraph of subsection (1) is done and any such class of case may be defined in the regulations concerned by reference to such matter or matters as the Minster considers reasonable and appropriate for the purpose.

• (6) Without prejudice to the generality of subsection (5), a different amount of fee may be so specified in respect of the doing of a foregoing thing, where the step or steps by another person, in consequence of, or on foot of which, the thing is authorised or required to be done, have not been taken in observance of a time limit specified by or under this Act.

• (7) In a case falling within subsection (6), any different amount of fee that is specified may be specified by reference to the period of time that has elapsed between the latest date, in observance of the particular time limit specified by or under this Act, by which the one or more steps concerned ought to have been taken and the date on which they have been taken.

• (8) Where regulations under this section require, in respect of the doing of a thing referred to in subsection (1), the payment of a fee of an amount specified in them and the fee of the specified amount is not paid to the Registrar, then, subject to any special cases that the Minister may deem it expedient to provide for in the regulations, the Registrar is not obliged to do (where the Registrar would otherwise be so obliged) the thing concerned.

• (9) Subsection (7) is in addition to, and not in derogation from, any particular provision of or under this Act that provides or the effect of which is that a fee of a prescribed amount must be paid to the Registrar as a condition, or one of the conditions, for the Registrar’s doing the particular act concerned.

• (10) All fees paid to the Registrar in pursuance of this Act shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Public Expenditure and Reform may direct.

890. Annual report by Registrar

890. (1) The Registrar shall, as soon as may be, but not later than 4 months, after the end of each year, make a report in writing to the Minister of the Registrar’s activities during that year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas not later than 6 months after the end of that year.

• (2) The Minister may, after consultation with the Registrar, prescribe the form of a report under this section and the manner in which any matter is to be addressed in such a report.

890A. F639[Collection of certain data by Registrar

890A. (1) The Registrar shall collect and aggregate, on an annual basis, data on procedures concerning a process taken under Part 8, 9, 10, 10A, or 11 in compliance with Article 29 of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019³ on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132.

• (2) The Registrar shall collect and aggregate the data referred to in subsection (1) for –

• (a) the full calendar year commencing on 1 January 2023 and ending on 31 December 2023, and

• (b) every full calendar year ending on 31 December thereafter.]

891. Inspection and production of documents kept by Registrar

891. (1) On payment of the prescribed fee, any person may—

• (a) inspect any document which has been received and recorded by the Registrar in pursuance of this Act,

• (b) require the Registrar to certify a certificate of incorporation of any company, or

• (c) require the Registrar to certify a copy of or extract from any other document or any part of any other document kept by the Registrar.

• (2) A process for compelling the production of any document kept by the Registrar—

• (a) shall not issue from any court except with the leave of that court, and

• (b) if so issued, shall state that it is issued with the leave of the court.

• (3) For the purposes of communications between registers through the system of interconnection of registers, the Registrar shall assign to each company a unique identifier which shall include elements to identify the company as a company in the State, to identify the number assigned to the company in the register and other appropriate elements to avoid identification errors.

• (4) The Registrar shall make available, through the system of interconnection of registers, electronic copies of the documents and particulars of companies referred to in Article 2 of Directive 2009/101/EC.

• (5) The Registrar shall ensure that any changes to those documents and particulars, other than changes to the accounting documents referred to in Article 2(f) of Directive 2009/101/EC, are entered into the register and that such entering is done (normal circumstances prevailing) within 21 days after the date of receipt of the complete documentation regarding those changes.

• (6) The Registrar shall make available, as soon as practicable, through the system of interconnection of registers, information on—

• (a) the opening and termination of winding up or insolvency proceedings of a company on the register;

• (b) the opening and termination of a receivership applicable to a company on the register; and

• (c) the striking-off of a company from the register.

• (7) The Registrar shall ensure that the following particulars relating to a company on the register are available, free of charge, through the system of interconnection of registers—

• (a) its name and legal form;

• (b) the address of its registered office, including the fact that it is registered in the State; and

• (c) its registration number on the register.

• (8) The Registrar shall ensure that information is made available explaining the provisions of this Act according to which a third party can rely on the information and particulars referred to in subsection (4).

892. Admissibility of certified copy or extract

892. (1) A copy of or extract from any document registered with and kept by the Registrar shall be admissible in evidence in all legal proceedings and be of the same evidential effect as the original document if it has been certified as a true copy under the signature of the Registrar, an assistant registrar or another officer authorised by the Minister.

• (2) For the purposes of subsection (1) it shall not be necessary to prove the official position of the person whose signature appears on the copy concerned.

893. Certificate by Registrar admissible as evidence of facts stated

893. A certificate in writing and signed by the Registrar shall be admissible in all legal proceedings as evidence without further proof of any of the following facts stated in the certificate unless the contrary is shown—

• (a) the contents of a register kept by the Registrar,

• (b) the date on which a document was filed or registered with or delivered to the Registrar,

• (c) the date on which a document was received by the Registrar, or

• (d) the most recent date (if any) on which a requirement under this Act was complied with.

894. Disposal of documents filed with Registrar

894. (1) The Registrar may, as respects any document that has (whether pursuant to this Act or the prior Companies Acts) been received and recorded by the Registrar, destroy the document if the following conditions are satisfied—

• (a) 6 or more years have elapsed after the date of its receipt by him or her, and

• (b) its destruction is authorised by the Director of the National Archives under section 7 of the National Archives Act 1986,

but this is subject to subsection (2).

• (2) Without prejudice to subsection (3), for so long as a company’s existence is recorded in the register, and for a period of 20 years after the date of its dissolution, the Registrar shall keep in electronic form a copy of every document that, in relation to that company, has been received and recorded (whether pursuant to this Act or the prior Companies Acts) by the Registrar and the keeping of such copy in that form shall be such as to ensure the authenticity and accuracy of the data and that the data may be reliably accessed.

• (3) On and from the expiry of 20 years after the date of its dissolution, a copy of every document kept, in relation to a company, by the Registrar under subsection (2), and in the form specified therein, shall be kept and maintained by the Registrar in an archival database comprising the records of companies, the length of the period of dissolution of which stands at 20 or more years.

• (4) The means of keeping, in electronic form, the archival database referred to in subsection (3) shall be such as are, in the opinion of the Registrar (after consultation with the Director of the National Archives), best calculated to preserve and maintain the integrity of the data.

895. Registrar may apply system of information classification

895. (1) The Registrar may, as he or she considers appropriate—

• (a) apply a system of classification to information to which this section applies, and

• (b) assign symbols of identification to persons or classes of persons to whom any such information relates.

• (2) This section applies to any information that, under this Act, is required to be delivered to the Registrar and is so received by the Registrar.

• (3) The Minister may make regulations—

• (a) requiring that the symbol assigned by the Registrar to a person individually or as one of a class of persons shall be entered on all documents that are required under this Act to contain the name of that person, and

• (b) specifying particular persons whose duty it shall be to comply or ensure compliance with the regulations.

• (4) If a person is required under a regulation made under subsection (3) to comply or ensure compliance with a requirement referred to in subsection (3)(a) and fails to do so, the person shall be guilty of a category 3 offence.

896. Delivery to Registrar of documents in legible form

896. (1) This section applies to the delivery under any provision of this Act of a document to the Registrar in legible form.

• (2) The document shall—

• (a) state in a prominent position the registered number of the company to which the document relates, and

• (b) comply with regulations (if any) prescribing—

• (i) the form and contents of the document,

• (ii) requirements to enable the Registrar to copy the document.

• (3) Regulations made for the purposes of this section may prescribe different requirements for the form and content of a document with respect to different classes of document.

• (4) In this section, “document” includes any periodic account, abstract, statement or return.

897. Delivery of documents in electronic form may be made mandatory

897. (1) If the Minister, after consultation with the Registrar, considers that the performance by the Registrar of functions under this Act with respect to the receipt and registration of information under any particular provision of it could be more efficiently discharged if an order under this section were to be made in relation to that provision then the Minister may make such an order accordingly.

• (2) The order referred to in subsection (1) is an order providing that the sole means to be used to deliver, under the particular provision concerned, a document (within the meaning of section 896) to the Registrar shall be those provided for under the Electronic Commerce Act 2000 and, accordingly, where such an order is made, those means shall, for that purpose, be used to the exclusion of any other means.

• (3) An order under this section may relate to more than one, or to every, provision of this Act.

• (4) In subsection (1) “information” shall be read in the same manner as section 896 provides “document” in that section is to be read.

• (5) In subsection (2) the reference to the use of the means provided for under the Electronic Commerce Act 2000 is a reference to their use in a manner that complies with any requirements of the Registrar of the kind referred to in sections 12(2)(b) and 13(2)(a) of that Act.

898. Registrar’s notice that document does not comply

898. (1) On receipt of a non-complying document the Registrar may, in his or her discretion—

• (a) serve on the person delivering the document (or, if there is more than one such person, any of them) a notice that the document does not comply, or

• (b) neither serve such a notice nor otherwise advise or give notice to any such person that the document does not comply,

and the provision made by the following provisions of this section, in a case where the course under paragraph (a) is taken by the Registrar, is not to be read as implying that, in a case where the course under paragraph (b) is taken by the Registrar, any legal consequences arising from the fact that a non-complying document has been delivered are thereby avoided.

• (2) A notice under subsection (1)(a) shall state in what respects the document is a non-complying document.

• (3) A document referred to in subsection (1) shall be deemed not to have been delivered to the Registrar if—

• (a) it is the subject of a notice served under subsection (1)(a), and

• (b) the Registrar has not received within 14 days after the date of service of the notice a replacement document that—

• (i) complies with the requirements referred to in subsection (4)(b), or

• (ii) is not rejected by the Registrar for non-compliance with those requirements.

• (4) In this section, a non-complying document is a document that—

• (a) is required or authorised to be delivered to the Registrar under this Act, and

• (b) fails to comply with—

• (i) the relevant requirements of this Act (and, in particular, the provisions of any section under which the requirement to deliver the document to the Registrar arises) or regulations made under this Act, or

• (ii) any requirements imposed by or under any other enactment relating to the completion of a document and its delivery to the Registrar.

899. Supplementary and clarificatory provisions for section 898

899. (1) For the purposes of any provision which—

• (a) imposes a penalty for failure to deliver a document, so far as it imposes a penalty for continued contravention, or

• (b) provides for the payment of a fee in respect of the registration of a document, being a fee of a greater amount than the amount provided under the provision in respect of the registration of such a document that has been delivered to the Registrar within the period specified for its delivery to him or her,

no account shall be taken of the period between the delivery of the original document referred to in section 898(1) and the end of the period of 14 days after the date of service of the notice under section 898(1)(a) in relation to it (but only if, before the end of the latter period, a replacement document that complies with the requirements referred to in section 898(4)(b) is delivered to the Registrar).

• (2) Nothing in this section or section 898 shall have the effect of making valid any matter which a provision of this Act or of any other enactment provides is to be void or of no effect in circumstances where a document in relation to it is not delivered to the Registrar within the period specified for the document’s delivery to him or her.

899A. F641[Function imposed on Registrar under section 930D

899A. Section 930D makes additional provision with regard to the performance of functions by, amongst others, the Registrar.]

CHAPTER 2 Irish Auditing and Accounting Supervisory Authority

900. Interpretation (Chapter 2)

900. (1) In this Chapter—

F642[…]

F643[…]

F644["2019 Qualifying Partnerships Regulations" means the European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019;]

“Act of 2003” means the Companies (Auditing and Accounting) Act 2003;

“amount of turnover” has the same meaning as it has in F645[section 275];

F646["applicable provisions", in relation to a F647[Part 27 function or, where applicable, a Part 28 function] and a recognised accountancy body, means, in addition to the provision of this Act that confers that function—

• (a) any other provisions of this Act or of a statutory instrument made under this Act,

• (b) the provisions of any section 931 notice given to the body that are relevant to that function,

• (c) the provisions of Regulation (EU) No 537/2014 that are relevant to that function, and

• (d) the provisions of any rule, guideline, term or condition, relevant obligation, or direction, referred to in section 906 that are relevant to that function,

in accordance with which that function shall be performed by that body;]

F648["assurance of sustainability reporting" has the same meaning as it has in Part 28;

"assurance report" has the meaning assigned to it by section 1613;]

F646["Audit Directive" has the meaning assigned to it by Part 27;]

“balance sheet total” has the same meaning as it has in F645[section 275];

“board” means the board of directors of the Supervisory Authority;

F649[“CEAOB” has the meaning assigned to it by section 905(3)(c);]

“chief executive officer” means the chief executive officer of the Supervisory Authority;

F646["court" means the High Court;]

“designated body” means a body that, under section 902(2), is a designated body at the relevant time;

“disciplinary committee” means any disciplinary committee or tribunal (however called) of a prescribed accountancy body;

F646["firm" has the meaning assigned to it by Part 27;]

“member”, in relation to a prescribed accountancy body, means—

• (a) a person; or

• (b) a firm,

that is, or was at the relevant time, subject to the investigation and disciplinary procedures approved for that body under—

• (i) section 905(2)(c);

• (ii) section 9(2)(c) of the Act of 2003; or

• (iii) the Act of 1990, whether before or after the amendments of that Act that were made by section 32 of the Act of 2003;

F646["monetary sanction"—

• (a) in relation to a specified person who falls within paragraph (a) of the definition of "specified person", means the monetary sanction referred to in section 934(8), and

• (b) in relation to a specified person who falls within paragraph (b) of the definition of "specified person", means the monetary sanction referred to in section 934C(2)(g);]

F646["Part 27 function" means a function conferred on a recognised accountancy body by a provision of Part 27 or of Schedule 19 or 20;]

F648["Part 28 function" means a function conferred on a recognised accountancy body by a provision of Part 28 or Schedule 23 or 24;]

“prescribed accountancy body” means—

• (a) a recognised accountancy body; or

• (b) any other body of accountants that is prescribed;

F646["public notice of relevant sanction imposed", in relation to a specified person, means the publication in accordance with section 934F(1) of the specified person’s particulars referred to in that section together with the other related particulars referred to in that section;]

F650["recognised accountancy body" means a body of accountants recognised under section 930 for the purposes of the relevant provisions;]

F646["Regulation (EU) No 537/2014" has the meaning assigned to it by Part 27;]

F646["relevant body" has the meaning assigned to it by section 933(1);

"relevant contravention" means—

• (a) a breach of the standards of a prescribed accountancy body by a member of that body, or

• (b) a contravention by a statutory auditor of a provision of—

• (i) section 336 or 337,

• (ii) F647[Part 27 or, where applicable, Part 28], or

• (iii) Regulation (EU) No 537/2014;

"relevant decision", in relation to a specified person, means—

• (a) a decision under section 934(8) or (9) that a specified person has committed a relevant contravention,

• (b) if, in consequence of a decision referred to in paragraph (a), the Supervisory Authority decides under section 934(8) or (9) to impose a relevant sanction on the specified person, the decision to impose that sanction, or

• (c) both such decisions;

"relevant director" means a director or former director of a public-interest entity;

"relevant provisions" means the provisions of—

• (a) this Chapter,

• (b) F647[Part 27 and, where applicable, Part 28], and

• (c) Regulation (EU) No 537/2014;

"relevant sanction"—

• (a) in relation to a specified person who falls within paragraph (a) of the definition of "specified person", means a sanction referred to in section 934(8), and

• (b) in relation to a specified person who falls within paragraph (b) of the definition of "specified person", means a sanction referred to in section 934C(2);

"section 931 notice" shall be read in accordance with section 931(2);

"section 933A agreement" shall be read in accordance with section 933A(2);

"section 934E agreement" shall be read in accordance with section 934E(1);

"specified person", in relation to a relevant contravention, means—

• (a) if the relevant contravention falls within paragraph (a) of the definition of "relevant contravention", the member or former member concerned of the prescribed accountancy body, and

• (b) if the relevant contravention falls within paragraph (b) of the definition of "relevant contravention", the statutory auditor or former statutory auditor concerned;]

“reserve fund” means the fund referred to in section 919;

“standards”, in relation to a prescribed accountancy body, means the rules, regulations and standards that body applies to its members and to which, by virtue of their membership, they are obliged to adhere;

“superannuation benefits” means pensions, gratuities and other allowances payable on resignation, retirement or death;

“Supervisory Authority” means the Irish Auditing and Accounting Supervisory Authority.

F648["sustainability reporting" has the same meaning as it has in Part 28;]

• F648[(1A) In this Chapter, a reference to a statutory auditor includes a statutory auditor who is approved under Part 28 to carry out the assurance of sustainability reporting.]

• (2) In this Chapter, “material interest” is to be read in accordance with section 2(3) of the Ethics in Public Office Act 1995.

• F651[(3) F652[…]]

901. Continuance of designation of Irish Auditing and Accounting Supervisory Authority and other transitional matters

901. (1) The company, namely, the Irish Auditing and Accounting Supervisory Authority, that was designated under section 5 of the Act of 2003 before the commencement of this section as the body to perform the functions of the Supervisory Authority under that Act shall be the Supervisory Authority for the purposes of this Chapter.

• (2) A person appointed to the board of the Irish Auditing and Accounting Supervisory Authority before the commencement of this section and who holds office immediately before such commencement shall continue in office for the unexpired period of his or her term unless he or she sooner retires, resigns or dies or is removed from office; this subsection applies notwithstanding the cessation of membership of that Authority effected by this Chapter of certain bodies (corporate and unincorporated) that had nominated persons for appointment to that board.

• (3) Without prejudice to the generality of the preceding subsections, the enactment of this Act does not otherwise affect—

• (a) the corporate existence of the Irish Auditing and Accounting Supervisory Authority, and

• (b) the continuance in being of the membership of it by the bodies corporate and individuals which or who were members of it immediately before the commencement of this section,

but, as regards that membership—

• (i) subject to section 902(2) (which effects a reduction in the number of members from that provided in the Act of 2003), and

• (ii) subject (as was provided by the corresponding provisions of the Act of 2003) to the provisions of this Chapter enabling the termination, change and increase of that membership.

902. Membership of Supervisory Authority

902. (1) The Supervisory Authority is to consist of the following members:

• (a) each prescribed accountancy body that is a body corporate;

• (b) in the case of a prescribed accountancy body that is not a body corporate, an individual or body corporate nominated by that prescribed accountancy body to be a member;

• (c) each designated body that is a body corporate;

• (d) in the case of a designated body that is not a body corporate, an individual or body corporate nominated by that designated body to be a member.

• (2) Unless a regulation under section 943(1)(b) provides otherwise, each of the following is, on and from the commencement of this section, a designated body for the purposes of subsection (1):

• (a) the F653[Corporate Enforcement Authority];

• (b) the Central Bank;

• (c) the Irish Stock Exchange;

• (d) the Revenue Commissioners;

• (e) any body prescribed under section 943(1)(a) as a designated body.

903. Amendment to memorandum or articles

903. An amendment to the memorandum of association or articles of association of the Supervisory Authority takes effect only if the alteration is made with the Minister’s prior approval.

904. Objects of Supervisory Authority

904. (1) The principal objects of the Supervisory Authority which are to be included in its memorandum of association are to—

• (a) supervise how the prescribed accountancy bodies regulate and monitor their members,

• (b) promote adherence to high professional standards in the auditing and accountancy F654[profession, including the assurance of sustainability reporting],

• (c) monitor whether the F654[financial statements, accounts or, where applicable, sustainability reporting] of certain classes of companies and other undertakings comply with this Act (or, as the case may be, this Act as applied by F655[the 2019 Qualifying Partnerships Regulations]) and, where applicable, Article 4 of the F656[IAS Regulation,]

• (d) act as a specialist source of advice to the Minister on auditing and accounting F656[F654[matters, and the assurance of sustainability reporting], and]

• F657[(e) oversee F654[statutory auditors, the conduct of statutory audits and, where applicable, the carrying out of assurance of sustainability reporting] in accordance with the relevant provisions and perform functions under those provisions in relation to such oversight.]

• (2) Nothing in this section prevents or restricts the inclusion in that memorandum of association of all objects and powers, consistent with this Chapter, that are reasonable, necessary or proper for, or incidental or ancillary to, the due attainment of those principal objects.

905. Functions of Supervisory Authority

905. (1) The Supervisory Authority shall do all things necessary and reasonable to further its objects.

• (2) Without limiting its functions under subsection (1), the functions of the Supervisory Authority are to—

• F658[(a) grant recognition to bodies of accountants for the purposes of the relevant provisions,]

• (b) attach under section 931 terms and conditions to the recognition of bodies of accountants, including terms and conditions—

• (i) requiring changes to, and the approval by the Supervisory Authority of, their regulatory plans, and

• (ii) requiring their annual reports to the Supervisory Authority on their regulatory plans to be prepared in the manner and form directed by the Supervisory Authority,

• F659[(c) require changes to and to approve—

• (i) the investigation and disciplinary procedures and standards of each prescribed accountancy body, and

• (ii) any amendments to the approved investigation and disciplinary procedures and standards of each prescribed accountancy body,]

• F660[(ca) require changes to—

• (i) the constitution and bye laws of each prescribed accountancy body, and

• (ii) any amendments to the constitution or bye laws of each prescribed accountancy body,]

• (d) conduct under section 933 enquiries into whether a prescribed accountancy body has complied with the investigation and disciplinary procedures approved for that body under paragraph (c) or referred to in F658[paragraph (a)(ii) or (iii) or (b)(ii) of the definition of "approved investigation and disciplinary procedures" in subsection (1) of that section],

• F658[(e) impose under section 933 sanctions on prescribed accountancy bodies in relation to enquiries referred to in paragraph (d),]

• F661[(ea) conduct under section 933 enquiries into whether a recognised accountancy body has complied with the applicable provisions in performing a F662[Part 27 function or a Part 28 function],

• (eb) impose under section 933 sanctions on recognised accountancy bodies in relation to enquiries referred to in paragraph (ea),]

• (f) undertake under section 934 investigations into possible breaches of the standards of a prescribed accountancy body F661[by a member of that body],

• F661[(fa) undertake under section 934 investigations into possible contraventions of a provision of section 336 or 337,F662[Part 27, Part 28] or Regulation (EU) No 537/2014 by a statutory auditor,

• (fb) impose under section 934 sanctions on members of prescribed accountancy bodies and statutory auditors for relevant contraventions committed by such members,]

• F658[(g) supervise how each recognised accountancy body monitors its members and statutory auditors for which the recognised accountancy body has responsibility by virtue of performing a F662[Part 27 function or Part 28 function],]

• (h) F663[…]

• F664[(i) monitor the effectiveness of provisions of F658[F662[Part 27, Part 28]] and Regulation (EU) No 537/2014 relating to the independence of statutory auditors,

• (ia) monitor developments in the market for audit services to public-interest entities as required by Regulation (EU) No 537/2014,]

• (j) supervise the investigation and disciplinary procedures of each prescribed accountancy body, including by requiring access to its records and by requiring explanations about the performance of its regulatory and monitoring duties,

• (k) co-operate with the prescribed accountancy bodies and other interested parties in developing auditing and accounting standards and F662[practice notes, and sustainability reporting and assurance standards],

• (l) F663[…]

• (m) perform the functions conferred on it by transparency (regulated markets) law (within the meaning of Chapter 4 of Part 23) in respect of the matters referred to in Article 24(4)(h) of the Transparency (Regulated Markets) Directive F662[(within the meaning of that Chapter) including sustainability reporting in accordance with the Accounting Directive],

• F664[(ma) adopt auditing standards for the purposes of F658[Part 27] and Regulation (EU) No 537/2014,

• F665[(mb) adopt assurance standards for the purposes of Part 28,]

• (n) oversee, in accordance with F658[F662[Part 27, Part 28] and Regulation (EU) No 537/2014, the performance of (and, where permitted by F662[either of those Parts], that Regulation or any other Part of this Act (including this Part), perform)] the following functions with respect to statutory auditors:

• (i) the approval and registration of statutory auditors (including the registration of Member State audit firms);

• F665[(ia) the approval and registration of statutory auditors (including the registration of Member State audit firms) to carry out the assurance of sustainability reporting under Part 28;]

• (ii) continuing education;

• (iii) quality assurance systems;

• (iv) investigative and administrative disciplinary systems,]

• F661[(na) enable, by virtue of recognition under section 930 or a section 931 notice, functions under paragraph (n) to be performed by recognised accountancy bodies,]

• (o) perform any other duties or discharge any other responsibilities imposed on it by this Act.

• F666[(3) The Supervisory Authority shall—

• (a) cooperate with competent authorities in other Member States to achieve the convergence of the educational qualifications required for the approval of an individual as a F667[statutory auditor and approval to carry out the assurance of sustainability reporting under Part 28],

• (b) when engaging in such operation, take into account developments in F667[auditing, the audit profession and the assurance of sustainability reporting] and, in particular, convergence that has already been achieved by the profession, and

• (c) cooperate with the Committee of European Auditing Oversight Bodies (in this Chapter referred to as "CEAOB") established under Article 30 of Regulation (EU) No 537/2014 and the competent authorities referred to in Article 20 of that Regulation in so far as such convergence relates to the statutory audit of public-interest entities.

• (4) The Supervisory Authority shall—

• (a) cooperate within the framework of the CEAOB with a view to achieving the convergence of the requirements of the aptitude test,

• (b) enhance the transparency and predictability of those requirements, and

• (c) cooperate with the CEAOB and with the competent authorities referred to in Article 20 of Regulation (EU) No 537/2014 in so far as such convergence relates to statutory audits of public-interest entities.

• (5) With regard to the cooperation that the State is required to engage in by virtue of Article 33 of the Audit Directive, the Supervisory Authority is assigned responsibility in that behalf.

• (6) For the purpose of discharging the responsibility referred to in subsection (5), the Supervisory Authority shall put in place appropriate mechanisms, including arrangements with competent authorities in other Member States.]

906. General powers

906. (1) The Supervisory Authority has the power to do anything that appears to it to be requisite, advantageous or incidental to, or to facilitate, the performance of its functions and that is not inconsistent with any enactment.

• (2) A power conferred by subsection (1) is not to be considered to be limited merely by implication from another provision, whether of this or any other Act, that confers a power on the Supervisory Authority.

• (3) The Supervisory Authority may adopt rules and issue guidelines concerning any matter that relates to its functions F668[(including its functions under Regulation (EU) No 537/2014)].

• (4) The Supervisory Authority may apply to the court for an order under section 941(6) compelling—

• (a) a prescribed accountancy body to comply with a rule adopted or guideline issued under subsection (3),

• (b) a recognised accountancy body to comply with a term or condition attached under section 192 of the Act of 1990 (before or after the amendment of that Act by section 32 of the Act of F669[2003),]

• (c) a person on whom a relevant obligation or obligations is or are imposed to comply with that obligation or those obligations,

• F670[(d) a recognised accountancy body to comply with a section 931 notice that is relevant to the body’s recognition under section 930 or to the performance of a F671[Part 27 function or Part 28 function] by the body, or

• (e) a relevant body to comply with a direction given to it by the Supervisory Authority under section 934A(2) or 934C(5),]

if, in the Authority’s opinion, the body or other person concerned may fail or has failed to comply with the rule, guideline, term or condition F669[, obligation or obligations, notice or direction], as the case may be.

• (5) In subsection (4), the reference to a relevant obligation or obligations that is or are imposed on a person is a reference to an obligation or obligations that is or are imposed on the person by—

• (a) provisions of transparency (regulated markets) law (within the meaning of Chapter 4 of Part 23) that implement Article 24(4)(h) of the Transparency (Regulated Markets) DirectiveF671[ (within the meaning of that Chapter) including sustainability reporting in accordance with the Accounting Directive],

• (b) rules adopted by the Supervisory Authority under subsection (3) concerning the matters that relate to its functions under F672[section 905(2)(m),]

• F668[(c) provisions of F671[Part 27, Part 28] or Regulation (EU) No 537/2014, or

• (d) rules adopted by the Supervisory Authority under subsection (3) concerning matters that relate to its functions under section 905(2)(n).]

907. Board of directors

907. (1) Subject to a regulation under section 943(1)(c) and to section 901(2), the board of directors of the Supervisory Authority is, on and from the commencement of this section, to consist of—

• (a) not more than 8 directors (including the chairperson and the deputy chairperson) appointed by the Minister under subsection (2), and

• (b) the person holding the office of chief executive officer who, by virtue of that office, is a director.

• (2) Subject to F673[F674[subsections (2A), (2B) and (2C)] and] a regulation under section 943(1)(c), the directors appointed by the Minister shall, on and from the commencement of this section, include—

• (a) subject to paragraphs (b) and (c), 2 persons, each of whom is nominated by the prescribed accountancy bodies by a decision taken by a majority of those bodies,

• (b) if there is no such decision taken by those bodies as respects the nomination, under paragraph (a), of those 2 persons, 2 persons, each of whom is chosen by the Minister from amongst the persons who had been proposed by any one or more, or all, of those bodies for nomination under that paragraph,

• (c) if there is such a decision taken by those bodies as respects the nomination, under paragraph (a), of one, only, of those persons, 2 persons—

• (i) one of whom is the person so nominated by those bodies, and

• (ii) the other of whom is chosen by the Minister from amongst the persons who had been proposed by any one or more, or all, of those bodies for nomination under that paragraph,

• (d) 2 persons nominated by the Minister, one of whom—

• (i) is neither an officer or employee of the Minister nor a member, officer or employee of a prescribed accountancy body, and

• (ii) is appointed as chairperson by the Minister,

and

• (e) for each designated body, one person nominated by that body.

• F673[(2A) On and from 17 June 2016, the Minister shall not appoint a person under subsection (2) as a director unless the Minister is satisfied that the person is knowledgeable in F675[at least one area relevant to the conduct of statutory audits as specified in F674[Schedule 19 and, as appropriate, at least one area relevant to the assurance of sustainability reporting as specified in Schedule 23]].

• (2B) On and from 17 June 2016, the Minister shall not appoint a person as a director under subsection (2) if the person—

• (a) on the proposed date of his or her appointment as a director—

• (i) carries out statutory audits,

• (ii) holds voting rights in an audit firm,

• (iii) is a director or member of an audit firm, or

• (iv) is employed by or otherwise contracted with an audit firm,

or

• (b) has, at any time during the 3 years immediately preceding the proposed date of his or her appointment as a director—

• (i) carried out statutory audits,

• (ii) held voting rights in an audit firm,

• (iii) was a director or member of an audit firm, or

• (iv) was employed by or otherwise contracted with an audit firm.]

• F676[(2C) On and from 6 July 2024, the Minister shall not appoint a person under subsection (2) as a director if the person –

• (a) on the proposed date of his or her appointment as a director carries out the assurance of sustainability reporting, or

• (b) has, at any time during the 3 years immediately preceding the proposed date of his or her appointment as a director, carried out the assurance of sustainability reporting.]

• (3) For the purposes of subsection (2)—

• (a) a majority decision of the prescribed accountancy bodies is taken where a majority of those bodies signify in writing that they have nominated the particular person or persons (and the number of prescribed accountancy bodies by reference to which that majority is to be reckoned excludes any of the prescribed accountancy bodies that abstain from taking a decision on the matter), and

• (b) without prejudice to the generality of paragraphs (b) and (c) of that subsection, the power of the Minister under that paragraph (b) or (c), as the case may be, is exercisable where the prescribed accountancy bodies are evenly divided as to the decision to be taken concerning the nomination of a person.

• (4) Subject to a regulation under section 943(1)(c), the board shall not include at any one time more than 3 directors appointed under subsection (2) who are members of prescribed accountancy bodies, and of those 3 directors—

• (a) two may be nominees of the prescribed accountancy bodies, and

• (b) one may be a nominee of a designated body.

• (5) If, at any time, more than one designated body proposes to nominate a member of a prescribed accountancy body for appointment to the board, the designated bodies proposing to do so shall decide among themselves which one of them is to nominate such a member.

• (6) The directors may select the deputy chairperson from among those directors who are not members of a prescribed accountancy body.

• (7) The term of office of a director appointed under subsection (2) shall be specified by the Minister when appointing the director and, subject to section 908(5), may not be less than 3 or more than 5 years.

• (8) The members of the Supervisory Authority may not instruct the directors, at any meeting of those members or by any other means, regarding the carrying out of their duties as directors of the Supervisory Authority.

908. Supplementary provisions in relation to board of directors

908. (1) Section 146 (as applied by sections 1173 and 1198) does not apply to the Supervisory Authority.

• (2) A director may resign by letter addressed to the Minister and copied to the Supervisory Authority and the resignation takes effect on the date the Minister receives the letter.

• (3) At any time, the Minister may remove for stated reasons, any director appointed under section 907(2), including a director nominated under section 907(2)(d).

• (4) The Minister shall fill any vacancy that arises on the board as a consequence of the resignation or removal of a director by appointing a replacement nominated (or, as the case may be, chosen by the Minister) in the same manner as the replaced director.

• (5) A director appointed under subsection (4) to replace another holds office for the remainder of the replaced director’s term of office and the same terms and conditions apply to the new appointee.

• (6) The directors may act despite one or more vacancies in their numbers.

• (7) On and from the commencement of this section, a person is disqualified from appointment to the board for so long as he or she is—

• (a) entitled under the Standing Orders of either House of the Oireachtas to sit in that House,

• (b) a member of the European Parliament, or

• (c) a member of a local authority.

• (8) On and from the commencement of this section, a member of the board shall cease to hold office on—

• (a) being nominated as a member of Seanad Éireann,

• (b) being nominated as a candidate for election to either House of the Oireachtas or to the European Parliament,

• (c) being regarded, pursuant to section 19 of the European Parliament Elections Act 1997, as having been elected to the European Parliament to fill a vacancy, or

• (d) becoming a member of a local authority.

909. Chief executive officer (including provision of transitional nature)

909. (1) The directors appointed under section 907(2) shall appoint a person to be the chief executive officer of the Supervisory Authority (to be known and in this Act referred to as the “chief executive officer”) to—

• (a) carry on, manage and control generally the administration and business of the Supervisory Authority, and

• (b) perform any other functions that may be determined by the board.

• (2) The chief executive officer holds office on and subject to the terms and conditions (including terms and conditions relating to remuneration and allowances) that the directors appointed under section 907(2) may, with the approval of the Minister given with the consent of the Minister for Public Expenditure and Reform, determine.

• (3) The directors appointed under section 907(2) may remove the chief executive officer from office at any time.

• (4) Without prejudice to the generality of section 901(2), the person who held the office of Chief Executive Officer of the Irish Auditing and Accounting Supervisory Authority immediately before the commencement of this section shall continue in office for the unexpired period of his or her term unless he or she sooner retires, resigns or dies or is removed from office.

910. Work programme

910. (1) The Supervisory Authority shall continue to prepare and submit to the Minister, for each successive period of 3 years beginning on the day after the last day of the period covered by the preceding such programme, a work programme.

• (2) For the purposes of the initial operation of subsection (1), the reference in it to the preceding work programme is a reference to the work programme last prepared by the Supervisory Authority under section 13 of the Act of 2003.

• (3) In preparing the work programme, the Supervisory Authority shall have regard to the need to ensure the most beneficial, effective and efficient use of its resources.

• (4) The work programme shall include the following information:

• (a) the key strategies and activities that the Supervisory Authority will pursue to further its objects and to perform its functions;

• (b) the outputs that the Supervisory Authority aims to achieve and against which its performance will be assessed;

• (c) the staff, resources and expenditure (including an annual programme of expenditure approved under section 911) that will be required to pursue the strategies and activities referred to in paragraph (a).

• (5) The Minister shall not give directions to the Supervisory Authority concerning the discharge of a work programme, including an amended or supplementary work programme.

• (6) Subject to subsection (7), the Minister shall ensure that a copy of each work programme (including each revised, amended or supplementary work programme) is laid before each House of the Oireachtas not later than 60 days after the date on which it was submitted to the Minister.

• (7) If a revised work programme (including a revised, amended or supplementary work programme) is submitted to the Minister before the unrevised work programme is laid before the Houses of the Oireachtas as required by subsection (6), only the revised work programme need be laid before the Houses.

911. Annual programme of expenditure

911. (1) The annual programme of expenditure referred to in section 910(4)(c) shall not be included in the work programme unless it has first been approved by the Minister under subsection (3).

• (2) The Minister shall not so approve the annual programme of expenditure unless the Minister has first—

• (a) considered the views of the prescribed accountancy bodies, and

• (b) obtained the consent of the Minister for Public Expenditure and Reform,

and this subsection extends to an approval by the Minister of the programme with amendments.

• (3) The Minister may approve the annual programme of expenditure with or without amendment by the Minister.

• (4) If the Minister approves the annual programme of expenditure with amendments, the Supervisory Authority—

• (a) may revise any other part of the work programme, and

• (b) if it does so, shall submit to the Minister the revised work programme, including the annual programme of expenditure as amended by the Minister.

912. Specification in annual programme of expenditure of amounts for reserve fund

912. In addition to capital and other expenditures, the annual programme of expenditure shall specify the portion of the revenue received or to be received under sections 914(2) and 916 for the financial year in question that has been set aside as mentioned in section 919(3).

913. Review of work programme

913. (1) The Supervisory Authority may—

• (a) if it considers it necessary to do so, undertake an interim review of a work programme, and

• (b) may submit to the Minister, within the period covered by the work programme, an amended or supplementary work programme, including an amended or supplementary annual programme of expenditure.

• (2) An amended or supplementary annual programme of expenditure shall not be included in an amended or supplementary work programme unless it has first been approved in accordance with subsection (3) of section 911 and subsection (2) of that section applies to such an approval as it applies to the approval of an original annual programme of expenditure.

• (3) If the Minister so approves with amendments the Supervisory Authority’s amended or supplementary annual programme of expenditure, the powers under section 911(4) are equally available to the Supervisory Authority with respect to its amended or supplementary work programme under this section as they are available with respect to an original work programme and, accordingly, section 911(4) applies, with any necessary modifications, to that amended or supplementary work programme.

914. Funding

914. (1) For the purposes specified in section 915(1), the Supervisory Authority in each financial year—

• (a) shall be paid a grant in accordance with subsection (2), and

• (b) may impose F677[a levy under section 916].

• (2) In each financial year, a grant not exceeding 40 per cent of the annual programme of expenditure approved for that year under section 911 shall, subject to any conditions that the Minister thinks proper, be paid to the Supervisory Authority out of money provided by the Oireachtas.

915. Application of money received by Supervisory Authority

915. (1) The Supervisory Authority shall not use the money received by it under this Chapter except for the purpose of meeting expenses properly incurred by it in performing its functions under this Chapter.

• F678[(2) The Supervisory Authority may use money set aside for or paid into the reserve fund in accordance with section 919 only for the purpose of meeting expenses incurred by it in performing its functions under sections 933 and 934, and may not use any other money received by it for that purpose.]

• F679[(3) F680[…]]

916. Supervisory Authority may levy prescribed accountancy bodies

916. (1) For the purpose specified in F681[section 915(1)] and in accordance with this section, the Supervisory Authority may impose one or more levies in each financial year of the Supervisory Authority on each prescribed accountancy body.

• (2) The total amount levied in any financial year of the Supervisory Authority on all prescribed accountancy bodies under this section shall not exceed 60 per cent of the annual programme of expenditure approved for that year under section 911.

• (3) The Supervisory Authority shall not impose a levy on a prescribed accountancy body under this section unless the Minister has—

• (a) first approved—

• (i) the total amount to be levied on all prescribed accountancy bodies in the relevant financial year, and

• (ii) the criteria for apportioning the levy among the classes of prescribed accountancy bodies,

and

• (b) consented to the levy.

• (4) The Supervisory Authority shall—

• (a) establish criteria for apportioning a levy among the classes of prescribed accountancy bodies,

• (b) submit the criteria to the Minister for approval before imposing the levy, and

• (c) specify the date on which the levy is due to be paid by those bodies.

• (5) As a consequence of the apportionment of a levy according to the criteria established by the Supervisory Authority, different classes of prescribed accountancy bodies may be required to pay different amounts of the levy.

• (6) Before consenting to a levy under this section, the Minister—

• (a) shall consult with the prescribed accountancy bodies, and

• (b) may consult with any other persons who, in the opinion of the Minister, are interested in the matter.

• (7) The Supervisory Authority may recover a levy imposed under this section as a simple contract debt in any court of competent jurisdiction from the prescribed accountancy body from which the levy is due.

• F682[(8) Levies imposed under this section on that class of prescribed accountancy bodies comprising recognised accountancy bodies may be used for the purposes of meeting expenses properly incurred by the Supervisory Authority in performing its function referred to in section 905(2)(ma).]

917. Supervisory Authority may levy certain companies and other undertakings

917. F683[…]

918. Funding in respect of functions of Supervisory Authority under certain regulations

918. (1) F684[…]

• (2) For the purposes specified in subsection (3), the Supervisory Authority may impose, with the Minister’s consent and subject to subsections (4) to (6), one or more levies in each financial year of the Supervisory Authority on statutory auditors and audit firms F685[auditing and, where applicable, carrying out the assurance of sustainability reporting] public-interest entities.