Legalize / Ireland / Act

Companies Act 2014

Type Act

Publication 2014-12-23

Last updated 2026-07-15

State Partially repealed

Text Latest available text

Source Irish Statute Book

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articles 1871

This is the most recent text the official source publishes. It is not a snapshot of the law as it stood on the date of each change.

87 amending acts · 2026-07-15, NATIONAL TREASURY MANAGEMENT AGENCY (MISCELLANEOUS PROVISIONS) ACT 2026

Act to consolidate, with amendments, certain enactments relating to companies and to provide for related matters

Reform history JSON API

F686[(3) Money received by the Supervisory Authority under this section may be used only for the purposes of meeting expenses properly incurred by it in performing its functions as the competent authority under Regulation (EU) No 537/2014 or this Act (including a function under section 905(2)(n)) in relation to statutory auditors of F685[public-interest entities or the assurance of sustainability reporting of public-interest entities].]

(4) In addition to the requirement under subsection (2) with regard to the Minister’s consent, the total amount levied in any financial year of the Supervisory Authority on statutory auditors and audit firms shall not exceed an amount in relation to that year specified in writing by the Minister for the purposes of this subsection.

(5) The Supervisory Authority shall—

(a) establish criteria for apportioning a levy among the several statutory auditors and audit firms F685[auditing and, where applicable, carrying out the assurance of sustainability reporting of public-interest entities],

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

(6) As a consequence of the apportionment of the levy under subsection (5), different statutory auditors and audit firms may be required to pay different amounts of the levy.

(7) Notwithstanding that the particular audit of a public-interest entity has been carried out by a statutory auditor, no levy under this section shall be imposed on the statutory auditor if he or she was designated by a statutory audit firm to carry out the audit, and the levy under this section shall, in those circumstances, be imposed on the statutory audit firm instead.

F687[(7A) Notwithstanding that the particular assurance of sustainability reporting of a public-interest entity has been carried out by a statutory auditor, no levy under this section shall be imposed on the statutory auditor if he or she was designated by a statutory audit firm to carry out the assurance, and the levy under this section shall, in those circumstances, be imposed on the statutory audit firm instead.]

(8) The Supervisory Authority may recover, as a simple contract debt in any court of competent jurisdiction, from a statutory auditor or audit firm from which the levy is due, a levy imposed under this section.

919. Reserve fund

919. (1) The reserve fund establi9.30shed under section 15(1) of the Act of 2003 shall continue in being and continue to be maintained by the Supervisory Authority but subject to any limit specified by the Minister under that provision or that limit as it may stand amended under subsection (2).

(2) The Minister may amend the limit referred to in subsection (1).

(3) In each financial year of the Supervisory Authority, the Supervisory Authority shall set aside for the reserve fund such portion of the revenue received or to be received under sections 914(2) and 916 for that financial year as it considers to be appropriate.

(4) In each financial year of the Supervisory Authority, the Supervisory Authority shall pay into the reserve fund—

(a) the amount set aside under subsection (3) or, if that amount is amended through an amendment under section 911(3) to the annual programme of expenditure, F688[the amended amount, and]

(b) F689[…]

F690[(c) any amounts paid to the Supervisory Authority under section 933(6) or (7) or 934(8) or (10), and

(d) any amounts paid to the Supervisory Authority under section 934C(2)(g).]

(5) The Supervisory Authority shall promptly inform the Minister if, in any financial year, the total amount in the reserve fund is likely to exceed any limit standing specified in relation to the fund by the Minister.

(6) F691[…]

920. Borrowing

920. For the purpose of providing for activities specified in its work programme, the Supervisory Authority may, from time to time, borrow money subject to—

(a) the consent of the Minister and the Minister for Public Expenditure and Reform, and

(b) such conditions as they may specify.

921. Excess revenue

921. (1) The Supervisory Authority shall apply any excess of its revenue over its expenditure in any financial year to meet its programme of expenditure approved for the subsequent year under section 911, and the amounts payable under sections 914(2), 916 and 918 for the subsequent year shall be appropriately reduced.

(2) Money in, or set aside for, the reserve fund shall not be considered revenue for the purpose of this section.

922. Employees (including provision of a transitional nature)

922. (1) Subject to subsection (2) and to the limits of staffing numbers specified in its work programme under section 910, the Supervisory Authority may employ such persons as it thinks necessary.

(2) Subject to the prior approval of the Minister given with the consent of the Minister for Public Expenditure and Reform, the Supervisory Authority shall determine the numbers and grades of its employees and the terms and conditions of their employment.

(3) The Supervisory Authority may from time to time engage the services of professional and other advisers.

(4) A person who was in the employment of the Irish Auditing and Accounting Supervisory Authority immediately before the commencement of this section shall continue in the employment of the Supervisory Authority and such employment shall (subject to any determination for the time being that may be made under subsection (2) of a like kind as could, from time to time, have been made under section 17(2) of the Act of 2003) be on the same terms and conditions as applied to the person immediately before such commencement.

923. Director’s obligations when material interest in arrangement, contract or agreement with Supervisory Authority arises

923. (1) A director of the Supervisory Authority who, otherwise than in his or her capacity as such director, has a material interest in a specified matter shall neither influence nor seek to influence any decision to be made by the Authority in relation to that matter.

(2) A director of the Supervisory Authority present at a meeting where a specified matter arises in which he or she has a material interest otherwise than in his or her capacity as such director shall—

(a) at the meeting, disclose the fact of the interest and its nature to the board or the committee, as the case may be,

(b) absent himself or herself from the meeting or the part of the meeting during which the matter is discussed,

(d) refrain from voting on any decision relating to the matter.

(3) Where a director discloses a material interest under this section—

(a) the chairperson of the meeting shall ensure that the disclosure is recorded in the minutes of the meeting, and

(b) for as long as the matter is being dealt with by the meeting, the director shall not be counted in the quorum for the meeting.

(4) Where at a meeting a question arises as to whether or not a course of conduct, if pursued by a director, would be a contravention of subsection (2)—

(a) subject to subsection (5), the chairperson of the meeting shall determine the question,

(b) the chairperson’s determination shall be final, and

(5) For the purposes of subsection (4), if the chairperson is the director in respect of whom the question arises, the other directors present at the moment shall choose one of themselves to be the chairperson of the meeting.

(6) Section 231 (as applied by section 1173) does not apply to a director of the Supervisory Authority.

(7) Nothing in this section prejudices the operation of any rule of law restricting directors of a company from having any interest in contracts with the company.

(8) In this section—

“meeting” means a meeting of the board of the Supervisory Authority or of a committee of its directors;

“specified matter” means—

(a) an arrangement or a proposed arrangement to which the Supervisory Authority is a party; or

(b) a contract or other agreement, or proposed contract or other agreement, with the Supervisory Authority.

924. Effect of breach of director’s obligations in relation to material interest

924. (1) If satisfied that a director of the Supervisory Authority has contravened section 923(1) or (2), the Minister may—

(a) in the case of a director appointed by the Minister and if the Minister thinks fit, remove that director from office,

(b) in the case of a director who is the chief executive officer, recommend to the board that the board remove him or her.

(2) A director who is removed by the Minister under this section or on the recommendation of the Minister made under this section shall be disqualified for appointment as a director or chief executive of the Supervisory Authority.

925. Employee’s duty of disclosure

925. (1) An employee of the Supervisory Authority who otherwise than in his or her capacity as such employee has a material interest in a specified matter as defined in section 923(8) shall—

(a) disclose to the Supervisory Authority the fact of the interest and its nature,

(b) take no part in—

(i) the negotiation of the arrangement, contract or other agreement in question, or

(ii) any deliberation by the Supervisory Authority or its employees relating to the matter,

(d) neither influence nor seek to influence a decision to be made in the matter.

(2) Subsection (1) does not apply to contracts or proposed contracts of employment between the Supervisory Authority and its employees.

(3) Where a person contravenes this section, the Supervisory Authority may—

(a) terminate that person’s contract of employment, or

(b) amend the terms and conditions of that person’s employment as it considers appropriate.

926. Superannuation scheme

926. (1) The Supervisory Authority may, if it considers it appropriate to do so, prepare and submit to the Minister a scheme or schemes for granting superannuation benefits to or in respect of one or both of the following—

(a) the chief executive officer,

(b) any employee of the Supervisory Authority.

(2) Each superannuation scheme shall fix the time and conditions of retirement for all persons to or in respect of which superannuation benefits are payable under the scheme, and different terms and conditions may be fixed in respect of different classes of persons.

(3) A superannuation scheme submitted to the Minister under this section shall, if approved by the Minister with the consent of the Minister for Public Expenditure and Reform, be carried out in accordance with its terms.

(4) A superannuation scheme may be amended or revoked by a subsequent scheme prepared, submitted and approved under this section.

(5) The Supervisory Authority may not grant, or enter into any arrangement for the provision of, any superannuation benefit to or in respect of a person referred to in subsection (1) except—

(a) in accordance with a superannuation scheme approved under this section, or

(b) with the approval of the Minister given with the consent of the Minister for Public Expenditure and Reform.

(6) In the case of a dispute as to the claim of any person to, or the amount of, any superannuation benefit payable under a superannuation scheme approved under this section—

(a) the dispute shall be submitted to the Minister,

(b) the Minister shall refer the dispute to the Minister for Public Expenditure and Reform for his or her determination of it, and

(7) Every superannuation scheme approved by the Minister under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the scheme is passed by either such House within the next 21 days on which that House has sat after the scheme is laid before it, the scheme shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

927. Accounts and audit

927. (1) Without prejudice to the requirements of Part 6 (as applied by section 1173) in relation to financial statements, the Supervisory Authority shall keep records of, and prepare all proper and usual accounts of—

(a) all income received by it, including records of the sources of that income,

(b) all expenditure incurred by it, and

(2) Not later than 3 months after the end of the financial year to which the accounts relate, the Supervisory Authority shall submit the accounts prepared under this section to the Comptroller and Auditor General for audit.

(3) After the audit, the Comptroller and Auditor General shall present to the Minister the audited accounts together with the Comptroller and Auditor General’s report.

(4) The Minister shall ensure that, as soon as practicable after those accounts and that report are presented to the Minister, copies of them are—

(a) laid before each House of the Oireachtas, and

(b) supplied to the prescribed accountancy bodies.

(5) The Supervisory Authority shall—

(a) at the Minister’s request, permit any person appointed by the Minister to examine its accounts in respect of any financial year or other period,

(b) facilitate the examination of the accounts by the person appointed, and

928. Annual report

928. (1) As soon as practicable but in any event not later than 4 months after the end of each financial year, the Supervisory Authority shall make a written report to the Minister of its activities during that year.

(2) The annual report shall be prepared in such manner and form as the Minister may direct.

(3) The Minister shall ensure that a copy of the annual report is laid before each House of the Oireachtas not later than 6 months after the end of the financial year to which the report relates.

929. Accountability to Dáil Éireann

929. (1) Whenever required to do so by the Committee of Dáil Éireann established under the Standing Orders of Dáil Éireann to examine and report to Dáil Éireann on the appropriation accounts and reports of the Comptroller and Auditor General, the chief executive officer and the chairperson of the board of the Supervisory Authority shall give evidence to that Committee in respect of the following:

(a) the regularity and propriety of the transactions recorded or to be recorded in any account that—

(i) the Supervisory Authority is required by law to prepare; and

(ii) is subject to audit by the Comptroller and Auditor General;

(b) the economy and efficiency of the Supervisory Authority in using its resources;

(c) systems, procedures and practices used by the Supervisory Authority for evaluating the effectiveness of its operations;

(d) any matter affecting the Supervisory Authority that is referred to in—

(i) a special report under section 11(2) of the Comptroller and Auditor General (Amendment) Act 1993; or

(ii) any other report of the Comptroller and Auditor General that is laid before Dáil Éireann, in so far as that report relates to a matter specified in any of paragraphs (a) to (c).

(2) Whenever required by any other committee appointed by either House of the Oireachtas or appointed jointly by both Houses, the chief executive officer and the chairperson of the board of the Supervisory Authority shall account to the committee for the performance of the functions of the Supervisory Authority.

(3) The Supervisory Authority shall have regard to any recommendations relating to its functions that are made by a committee in response to an account given under subsection (2).

(4) In giving evidence under subsection (1) or an account under subsection (2), the chief executive officer and the chairperson of the board of the Supervisory Authority shall not question or express an opinion on the merits of—

(a) any policy of the Government or a Minister of the Government; or

(b) the objectives of such a policy.

930. Recognition of body of accountants

930. F692[(1) Subject to subsection (1A), the Supervisory Authority may grant recognition in writing to a body of accountants for the purposes of the relevant provisions but may only grant such recognition if satisfied—

(a) that the standards relating to training, qualifications and repute required by that body for the approval of a person as a F693[statutory auditor and the approval of a statutory auditor to carry out the assurance of sustainability reporting] are not less than those specified in Articles 4, 6 to 8 and 10 of the Audit Directive,

(b) as to the standards that body applies to its members in the area of ethics, codes of conduct and practice, independence, professional integrity, auditing and accounting standards, quality assurance, continuing education and F693[investigation, disciplinary procedures, sustainability reporting and the assurance of sustainability reporting],

(d) F694[…]

(1A) Subject to sections 931 and 931B, a recognised accountancy body shall not perform a F693[Part 27 or Part 28 function] unless the body’s recognition under this section states that the body may perform that function.]

(2) Each of the following:

(a) the Association of Chartered Certified Accountants;

(b) the Institute of Chartered Accountants in Ireland;

(d) the Institute of Chartered Accountants of Scotland;

(e) the Institute of Certified Public Accountants in Ireland;

(f) F695[…]

shall be deemed to have been granted recognition under this section by the Supervisory Authority for the purposes of F696[the relevant provisions and, subject to sections 931 and 931B, for such recognition to have stated that each such body may perform each of the F693[Part 27 functions and Part 28 functions]].

F697[(3) A body of accountants granted recognition under subsection (1) or (2) shall continue to satisfy the Supervisory Authority as referred to in subsection (1) for the duration of such recognition.

(4) A body granted recognition under subsection (1) or (2) may make a request in writing to the Supervisory Authority for the Authority to revoke its recognition under section 931.]

930A. F698[Designation of competent authority

930A. (1) Subject to subsection (2), the Supervisory Authority is designated as the competent authority for the oversight of F699[statutory auditors, including statutory auditors approved under Part 28 to carry out the assurance of sustainability reporting,] in accordance with the Audit Directive and Regulation (EU) No 537/2014.

(2) Subject to subsection (4), the F700[Corporate Enforcement Authority] is designated as the competent authority for the purpose of imposing relevant sanctions (within the meaning of F701[section 944Z]) on relevant directors.

(3) The Supervisory Authority is designated as the competent authority for the purposes of public oversight, quality assurance (if applicable), investigations and penalties of third-country auditors and third-country audit entities (within the meaning of Part 27) registered under F699[section 1573(1) or section 1641].

(4)
(a) Subject to paragraph (b), to the extent that the F700[Corporate Enforcement Authority is a competent authority by virtue of subsection (2), a reference in this Chapter (other than this section) and Part 27 to the Supervisory Authority shall include a reference to the Corporate Enforcement Authority].

(b) The Supervisory Authority shall perform the functions under this Chapter and Part 27 that would, but for this subsection, otherwise fall to be performed by the F700[Corporate Enforcement Authority] by virtue of subsection (2).

(c) The F700[Corporate Enforcement Authority] shall cooperate with the Supervisory Authority so as to enable the Supervisory Authority to perform the functions referred to in paragraph (b).

(5) The Supervisory Authority shall, as soon as is practicable on or after the commencement of section 27 of the Companies (Statutory Audits) Act 2018, publish on its website information on the designation of competent authorities effected by this section between the Supervisory Authority and the F700[Corporate Enforcement Authority].]

930B. F702[Annual audit programme and activity report

930B. (1) The Supervisory Authority shall, not later than 6 months after the end of each financial year, prepare a report (in this Act referred to as the "annual audit programme and activity report" or "AAPA report") in accordance with this section on, amongst others, its oversight functions referred to in section 930A performed during that year.

(2) The AAPA report shall contain the following information:

(a) an activity report on the functions performed by the recognised accountancy bodies during the financial year to which the AAPA report relates;

(b) a work programme concerning the oversight functions referred to in section 930A that the Supervisory Authority proposes to perform during the financial year immediately following the financial year to which the AAPA report relates;

(c) an activity report regarding the functions of the Supervisory Authority under Regulation (EU) No 537/2014 during the financial year to which the AAPA report relates;

(d) a work programme regarding the functions of the Supervisory Authority under Regulation (EU) No 537/2014 that the Supervisory Authority proposes to perform during the financial year immediately following the financial year to which the AAPA report relates;

(e) a report for the financial year to which the AAPA report relates on the overall results of the quality assurance system required by section 1494(1), including—

(i) information on recommendations issued, follow-up on the recommendations, supervisory measures taken and relevant sanctions (including relevant sanctions within the meaning of F703[section 944Z]) and public notices of relevant sanctions imposed (including public notices of relevant sanctions imposed within the meaning of F703[section 944Z]), and

(ii) quantitative information and other key performance information on financial resources and staffing, and the efficiency and effectiveness of the quality assurance system.

(3) The Supervisory Authority shall cause the AAPA report to be published on its website not later than 6 months after the end of the financial year to which the report relates.]

930C. F704[Operation of certain provisions with regard to particular recognised accountancy bodies

930C. (1) F705[Subject to section 900(1A), section 1461] applies to the interpretation of this section as it applies to the interpretation of Part 27.

(2) This section applies where the provision referred to in subsection (3), (4), (5) or (6) uses the expression "recognised accountancy body" without qualification and that provision does not, by its express terms, itself indicate which recognised accountancy body is being referred to.

(3) A provision of the relevant provisions that confers a function on a recognised accountancy body in relation to a statutory auditor or audit firm shall be read as conferring that function—

(a) in the case of a statutory auditor who is not a member of a statutory audit firm, on the recognised accountancy body of which the statutory auditor is a member,

(b) in the case of a statutory auditor who is a member of a statutory audit firm, on the recognised accountancy body of which the statutory audit firm is a member, and

(c) in the case of a statutory audit firm, on the recognised accountancy body of which the statutory audit firm is a member.

(4) With regard to the function conferred by section 1464 on a recognised accountancy body in relation to an individual or firm, subsection (3) applies as if, for each reference in that subsection to a statutory auditor or audit firm, as the case may be, there were substituted a reference to the individual or firm, as appropriate.

(5) A provision of the relevant provisions requiring that an act is to be done, or enabling an act to be done, by a person (other than a person referred to in subsection (6)(b)) in relation to a recognised accountancy body shall be read as requiring or enabling it to be done by the person in relation to—

(a) if the person is not a member of a statutory audit firm, the recognised accountancy body of which the person is a member,

(b) if the person is a member of a statutory audit firm, the recognised accountancy body of which the statutory audit firm is a member, and

(c) if the person is a statutory audit firm, the recognised accountancy body of which the statutory audit firm is a member.

(6) Subsection (7) applies in the case—

(a) of a provision of the kind referred to in subsection (3), (4) or (5), and

(b) where the provision falls to be applied to a Member State auditor, a Member State audit firm, a third-country auditor (within the meaning of Part 27) or any other person who is not a member of a recognised accountancy body (or, as the case may be, the firm of which the person is a member is not a member of a recognised accountancy body).

(7) The recognised accountancy body that shall perform the function concerned or, as the case may be, in relation to which the act concerned is required or enabled to be done shall be determined—

(a) by reference to arrangements in writing entered into by the recognised accountancy bodies amongst themselves for the purpose (which arrangements those bodies are empowered by this subsection to enter into), or

(b) in default of—

(i) such arrangements being entered into, or

(ii) the provision of such arrangements dealing with the particular case falling to be determined,

by the Supervisory Authority.

(8) On a determination being made by the Supervisory Authority for the purposes of subsection (7)(b), a direction in writing, reflecting the terms of the determination, shall be given by it (which direction the Supervisory Authority is empowered by this subsection to give).

(9) Arrangements shall not be entered into under subsection (7)(a) by the recognised accountancy bodies save after consultation by them with the Supervisory Authority.

(10) Subject to subsection (11), if in consequence of the operation of this section, the function of withdrawal of a particular approval of a statutory auditor or audit firm falls to be discharged by a recognised accountancy body (in this section referred to as the "first-mentioned accountancy body") that is different from the recognised accountancy body (in this section referred to as the "second-mentioned accountancy body") that granted the approval—

(a) the first-mentioned accountancy body shall notify in writing the second-mentioned accountancy body of the proposal by it to withdraw the approval, and

(b) the second-mentioned accountancy body shall provide such assistance by way of provision of information or clarification of any matter, to the first-mentioned accountancy body, as the latter considers it may require so as to inform itself better on any issue bearing on the performance of the function of withdrawal.

(11) The procedures adopted for the purposes of subsection (10) by the first-mentioned accountancy body and the second-mentioned accountancy body shall be such as will—

(a) avoid any unnecessary delay in the performance of the function of withdrawal, and

(b) respect the requirements of procedural fairness as concerns the auditor or audit firm concerned being able to answer any part of the case made against him or her that is informed by those procedures being employed.

(12) In a case falling within subsections (10) and (11), if the approval concerned is withdrawn, the first-mentioned accountancy body, in addition to making the notifications required by section 1482 and (where it applies) section 1483, shall notify the second-mentioned accountancy body of the withdrawal of approval.]

930D. F706[Conflicts of interest to be avoided

930D.(1) The persons to whom this subsection applies shall organise themselves in such a manner so that conflicts of interest are avoided in the performance of their respective functions under this Act.

(2) Subsection (1) applies to—

(a) the Supervisory Authority,

(b) the F707[Corporate Enforcement Authority],

(d) the recognised accountancy bodies.]

931. Provisions in relation to recognition by Supervisory Authority under section 930

F708[931. (1) This section applies at any of the following times:

(a) at the time of the grant of a recognition under section 930 (in this section referred to as the "relevant recognition") to a body of accountants (in this section referred to as the "body concerned");

(b) at any time during the currency of the relevant recognition.

(2) The Supervisory Authority may give the body concerned a notice in writing (in this section referred to as a "section 931 notice") providing for any, or any combination of, the following:

(a) directing the body, with regard to the relevant recognition, to take the action or actions specified in the notice regarding such matters specified in the notice as the Authority thinks necessary or expedient;

(b) attaching to the relevant recognition such terms and conditions specified in the notice as the Authority thinks necessary or expedient.

(3) The Supervisory Authority may, by a further section 931 notice given to the body concerned, amend, replace or revoke one or more than one earlier section 931 notice given to the body.

(4) The Supervisory Authority may, by notice in writing given to the body concerned, revoke, or suspend for a period specified in the notice, the relevant recognition if—

(a) the Supervisory Authority ceases to be satisfied as referred to in section 930(1), or

(b) the body fails to comply with any of the provisions of a section 931 notice.

(5) Without prejudice to the generality of subsection (2), a section 931 notice may—

(a) direct the body concerned (including a body referred to in section 930(2)) to cease, or again cease, performing the F709[Part 27 function or Part 28 function] specified in the notice, either (as specified in the notice) in all cases or in a particular case, on and from the date, or the occurrence of the event, specified in that notice,

(b) direct the body concerned to commence, or again commence, performing the F709[Part 27 function or Part 28 function] specified in the notice, either (as specified in the notice) in all cases or in a particular case, on and from the date, or the occurrence of the event, specified in that notice (and notwithstanding any case where the body’s recognition under section 930 does not otherwise permit it to perform that function), or

(c) attach terms and conditions to the relevant recognition that relate to the performance by the body concerned of a F709[Part 27 function or Part 28 function], either (as specified in the notice) in all cases or in a particular case.

(6)
(a) Subject to paragraph (b), the Supervisory Authority shall not give a section 931 notice, or a notice under subsection (4), to the body concerned unless, in the interests of procedural fairness, it has first—

(i) given the body a notice in writing stating the nature of the notice that it is minded to give the body and the reasons why it is so minded, and

(ii) given the body a reasonable opportunity, in the circumstances concerned, to make representations in writing to the Supervisory Authority on what is stated in the notice referred to in subparagraph (i).

(b) Paragraph (a) shall not apply in any case where a section 931 notice is giving effect to a request referred to in section 930(4).

(7) The Supervisory Authority may publish information on its website regarding—

(a) a section 931 notice given to the body concerned and the body’s response (if any) thereto, or

(b) a notice under subsection (4) given to the body concerned and the body’s response (if any) thereto.

(8) Where a disciplinary committee of the body concerned has reasonable grounds for believing that a category 1 or 2 offence may have been committed by a person while the person was a member of the body, the body shall, as soon as is practicable, provide a report to the F710[Corporate Enforcement Authority giving details of the alleged offence and shall furnish the Corporate Enforcement Authority with such further information in relation to the matter as the Corporate Enforcement Authority] may require.

(9) Where the body concerned fails to comply with subsection (8) or a requirement of the F710[Corporate Enforcement Authority] under that subsection, the body, and any officer of that body to whom the failure is attributable, shall be guilty of a category 3 offence.

(10) Any terms and conditions which were, immediately before the commencement of section 28 of the Companies (Statutory Audits) Act 2018, attached under this section as in force immediately before that commencement to the relevant recognition of the body concerned shall, on and from that commencement, be deemed to be terms and conditions attached to that recognition by virtue of a section 931 notice, and section 906(4)(d) and the other provisions of this section (including subsection (3)) shall be read accordingly.]

931A. F711[Investigation by disciplinary committees of prescribed accountancy bodies

931A. (1) In this section—

"client" has the same meaning as it has in section 934;

F712["relevant person", in relation to an investigation of a member or former member of a prescribed accountancy body, means—

(a) that member or any other member or former member of the prescribed accountancy body,

(b) a client or former client of the member,

(c) if the client or former client is a body corporate, a person who is or was an officer, employee or agent of the client or former client,

(d) the prescribed accountancy body or a person who is or was an officer, employee or agent of that body,

(e) if the member is an individual, a person who is or was an employee or agent of the member,

(f) if the member is a firm, a person who is or was an officer, member, partner, employee or agent of the firm, or

(g) any person whom the prescribed accountancy body reasonably believes has information or documents relating to the investigation other than information or documents the disclosure of which is prohibited or restricted by law.]

(2) For the purposes of an investigation of a possible breach of a prescribed accountancy body’s standards by a member, a disciplinary committee may require a relevant person to do one or more of the following:

(a) produce to the committee all books or documents relating to the investigation that are in the relevant person’s possession or control;

(b) attend before the committee;

(c) give the committee any other assistance in connection with the investigation that the relevant person is reasonably able to give.

(3) For the purposes of an investigation referred to in subsection (2), the disciplinary committee may—

(a) examine on oath, either by word of mouth or on written interrogatories, a relevant person,

(b) administer oaths, for the purpose of that examination, and

(4) The disciplinary committee may certify the refusal or failure to the court if a relevant person refuses or fails to do one or more of the following:

(a) produce to the committee any book or document that it is the person’s duty under this section to produce;

(b) attend before the committee when required to do so under this section;

(5) On receiving a certificate of refusal or failure concerning a relevant person, the court may enquire into the case and, after hearing any evidence that may be adduced, may do one or more of the following:

(a) direct that the relevant person attend or re-attend before the disciplinary committee or produce particular books or documents or answer particular questions put to him or her by the committee;

(b) direct that the relevant person need not produce a particular book or document or answer a particular question put to him or her by that committee;

(6) The production of any books or documents under this section by a person who claims a lien on them does not prejudice the lien.

(7) Any information produced or answer given by a member of a prescribed accountancy body in compliance with a requirement under this section may be used in evidence against the member in any proceedings whatsoever, save proceedings for an offence (other than perjury in respect of such an answer).]

931B. F713[Provisions that apply when recognised accountancy body is not able to perform Part 27 function

931B. (1) In this section—

"recognised accountancy body A" means a recognised accountancy body which is not able to perform, either in all cases or in a particular case, one or more than one F714[Part 27 function or Part 28 function] by virtue of section 930(1A) or a section 931 notice;

"recognised accountancy body B" means a recognised accountancy body which is able to perform, in all cases, the F714[relevant function] by virtue of its recognition under section 930 or a section 931 notice;

F715["relevant function" means the Part 27 function or Part 28 function referred to in the definition of "recognised accountancy body A" that the body is not able to perform;]

"relevant members", in relation to a F714[relevant function], means the statutory auditors or potential statutory auditors of recognised accountancy body A in relation to whom that body is not able to perform that function;

F716[…]

(2) The following provisions shall apply in the case of the F714[relevant function] and the relevant members:

(a) the Supervisory Authority may perform that function in relation to those members and, accordingly, the applicable provisions shall be read with any necessary modifications to take account of the fact that that function will, in relation to those members, be performed by the Supervisory Authority until such time (if any) as the Supervisory Authority gives a section 931 notice—

(i) to recognised accountancy body A to again perform that function in relation to those members, or

(ii) to recognised accountancy body B to perform that function in relation to those members until the date, or the occurrence of the event, specified in the notice;

(b) any obligations which, by virtue of the standards referred to in section 930(1)(a) and (b), the relevant members owed to recognised accountancy body A, in so far as such obligations relate to the F714[relevant function], are owed to the Supervisory Authority or, if the Supervisory Authority has given a section 931 notice referred to in paragraph (a) to recognised accountancy body B, to recognised accountancy body B;

(c) subject to subsection (3) and section 941(4) and (4A), the costs, as determined by the Supervisory Authority, incurred by the Supervisory Authority or recognised accountancy body B in performing the F714[relevant function] in relation to the relevant members shall be defrayed by recognised accountancy body A or by money received by the Supervisory Authority under section 916.

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

(a) the Supervisory Authority may prescribe by regulations—

(i) that specified procedures and methods of calculation shall apply in the determination of the amount of costs referred to in that subsection incurred by it or recognised accountancy body B, and

(ii) requirements otherwise as to the liability of recognised accountancy body A for, and the manner in which that body shall pay, that amount,

and

(b) in default of payment of that amount to the Supervisory Authority, the Authority may recover that amount as a simple contract debt in any court of competent jurisdiction.

(4) Where the recognition granted under section 930 of a body of accountants is revoked under section 931, neither the Supervisory Authority nor a recognised accountancy body owes any obligation under this Act, in so far as this Act relates to statutory audits, to a statutory auditor who is a member of the first-mentioned body but without prejudice to any such obligation owed to that statutory auditor if the auditor is a member of another body of accountants which is recognised under section 930.

(5) Recognised accountancy body A may appeal to the court against a decision made by the Supervisory Authority under subsection (2)(c) determining an amount of costs to be paid by that body.

(6) An appeal under subsection (5) shall be brought within 3 months after the date on which recognised accountancy body A was notified by the Supervisory Authority of its decision.]

932. Consultation by Supervisory Authority regarding standards and qualifications

F717[932. Before granting, renewing, withdrawing, revoking, suspending or refusing a recognition of a body of accountants under section 930 for the purposes of the relevant provisions, the Supervisory Authority may consult with any body of persons or other person as to the conditions or standards required by the body of accountants concerned in connection with membership of that body or, as the case may be, the approval of persons as statutory auditors.]

933. Intervention in disciplinary process of prescribed accountancy bodies

F718[933. (1) In this section—

"approved investigation and disciplinary procedures" means—

(a) in relation to a prescribed accountancy body that is a recognised accountancy body, the investigation and disciplinary procedures approved 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,

and

(b) in relation to any other prescribed accountancy body, the investigation and disciplinary procedures approved under—

(i) section 905(2)(c), or

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

"relevant body" means—

(a) in relation to an enquiry referred to in subsection (2), the prescribed accountancy body the subject of the enquiry, and

(b) in relation to an enquiry referred to in subsection (3), the recognised accountancy body the subject of the enquiry.

(2) Following a complaint or on its own initiative, the Supervisory Authority may, for the purpose of determining whether a prescribed accountancy body has complied with the approved investigation and disciplinary procedures, enquire into—

(a) a decision by that body not to undertake an investigation into a possible breach of its standards by a member,

(b) the conduct of an investigation by that body into a possible breach of its standards by a member, or

(c) any other decision of that body relating to a possible breach of its standards by a member, unless the matter is or has been the subject of an investigation under section 934 relating to that member.

(3) The Supervisory Authority may, for the purpose of determining whether a recognised accountancy body has complied with the applicable provisions in performing a F719[Part 27 function or Part 28 function], enquire into the performance by the body of that function (including, where applicable, enquire into the conduct by that body of an investigation into the conduct of a member of that body).

(4) For the purposes of an enquiry under this section, the Supervisory Authority may—

(a) inspect and make copies of all relevant documents in the possession or control of the relevant body,

(b) if the relevant body falls within paragraph (a) of the definition of "relevant body", require the body to explain why it reached a decision referred to in subsection (2)(a) or (c) or explain how it conducted its investigation, or

(c) if the relevant body falls within paragraph (b) of the definition of "relevant body", require the body to explain how it complied (if it in fact did comply) with the applicable provisions in performing the F719[Part 27 function or Part 28 function] concerned (and, also, to explain how it conducted an investigation referred to in subsection (3) if the conduct of that investigation is, in the opinion of the Supervisory Authority, relevant to the enquiry).

(5) If at any time before completing an enquiry under this section into a matter relating to a member of a relevant body, the Supervisory Authority forms the opinion that it is appropriate or in the public interest that a matter be investigated under section 934 as regards a possible relevant contravention committed by a specified person, the Authority may apply to the court for permission to investigate the matter under that section.

(6)
(a) Paragraph (b) applies if the Supervisory Authority is not satisfied, after completing the enquiry—

(i) if the relevant body falls within paragraph (a) of the definition of "relevant body", that the body complied with the approved investigation and disciplinary procedures, or

(ii) if the relevant body falls within paragraph (b) of the definition of "relevant body", that the body complied with the applicable provisions in performing the F719[Part 27 function or Part 28 function].

(b) Subject to section 941(4) and (4A), the Supervisory Authority may advise, or admonish, the relevant body or may censure it by doing one or more of the following:

(i) annulling all or part of a decision of that body relating to the matter that was the subject of the enquiry;

(ii) directing that body to conduct an investigation or a fresh investigation into the matter;

(iii) directing that body to perform the function that was the subject of the enquiry again in accordance with any directions or terms and conditions that the Supervisory Authority considers appropriate;

(iv) directing that body, where it in future performs the function that was the subject of the enquiry, to do so in accordance with any directions or terms and conditions that the Supervisory Authority considers appropriate;

(v) requiring that body to pay to the Supervisory Authority an amount not exceeding the greater of the following:

(I) €125,000;

(II) the amount prescribed under section 943(1)(e).

(c) In default of payment of an amount referred to in paragraph (b)(v), the Supervisory Authority may recover that amount as a simple contract debt in any court of competent jurisdiction.

(7) Subject to subsection (14) and section 941(4) and (4A), where, as referred to in subsection (5), the Supervisory Authority is not satisfied as referred to in subsection (6), the relevant body concerned is, in addition to any liability or obligation to pay an amount or do a thing by virtue of subsection (6), liable to pay the amount specified by the Supervisory Authority towards its costs in conducting the enquiry under this section.

(8) Where the Supervisory Authority applies under subsection (5) to the court for permission to investigate, under section 934, any matter relating to a member of a relevant body or decides to direct under subsection (6)(b)(ii) a relevant body to conduct an investigation or fresh investigation into any matter, the following rules apply:

(a) in the case of an application to the court to investigate a matter, any decision of that body relating to the matter is suspended if and as soon as the body is notified by the Supervisory Authority that permission has been granted under section 941(3);

(b) in the case of a direction to conduct an investigation or a fresh investigation, any decision of that body relating to the matter is suspended if and as soon as the body is notified by the Supervisory Authority that the direction has been confirmed as referred to in section 941(4A).

(9) The Supervisory Authority may publish on its website each decision made under subsection (6) or each decision made specifying an amount under subsection (7) and the reasons for the decision after giving the relevant body and the member (if any) thereof concerned not less than 3 months notice in writing of its intention to do so.

(10) The relevant body or the member thereof (if any) concerned may appeal to the court against a decision made by the Supervisory Authority under subsection (6) (which may be the decision under subsection (6)(a) or the decision under subsection (6)(b), or both) or a decision made by it specifying an amount under subsection (7).

(11) An appeal under subsection (10) shall be brought within 3 months after the date on which, as appropriate, the relevant body or the member thereof (if any) concerned was notified by the Supervisory Authority of its decision.

(12) If the Supervisory Authority is not satisfied that a relevant body has, when undertaking an investigation or fresh investigation into any matter as required by a direction under subsection (6)(b)(ii)—

(a) if the relevant body falls within paragraph (a) of the definition of "relevant body", complied with the approved investigation and disciplinary procedures, or

(b) if the relevant body falls within paragraph (b) of the definition of "relevant body", complied with the applicable provisions in performing the F719[Part 27 function or Part 28 function],

the Supervisory Authority may appeal to the court against any decision of the relevant body relating to the matter.

(13) An appeal under subsection (12) shall be brought within 3 months after the date on which the Supervisory Authority was notified by the relevant body of its decision.

(14) For the purpose of subsection (7)—

(a) the Supervisory Authority may prescribe by regulations—

(i) that specified procedures and methods of calculation shall apply in the determination of the amount of costs referred to in that subsection incurred by it, and

(ii) requirements otherwise as to the liability of the relevant body for, and the manner in which that body shall pay, that amount,

and

(b) in default of payment of that amount to the Supervisory Authority, the Authority may recover that amount as a simple contract debt in any court of competent jurisdiction.

(15) Nothing in this section shall be construed to prevent the undertaking of one enquiry under this section into 2 or more matters concerning the same body of accountants where one or more than one of such matters falls within subsection (2) and one or more than one of such matters falls within subsection (3).

(16) For the purposes of this section—

(a) any decision made or any investigation conducted by the disciplinary committee of a relevant body is considered to have been made or conducted by the relevant body, and

(b) "member", in addition to the meaning given to that expression by section 900(1), includes, in relation to a relevant body that is a recognised accountancy body, an individual or firm who or which, though not a member of the recognised accountancy body, is an individual or firm in relation to whom that body may perform functions under the relevant provisions.]

933A. F720[Resolution of suspected non-compliance by agreement - relevant body

933A. (1) Section 933(1) applies to the interpretation of this section as it applies to the interpretation of section 933.

(2) Subject to subsection (3), if the Supervisory Authority believes on reasonable grounds—

(a) if the relevant body falls within paragraph (a) of the definition of "relevant body", that the body did not comply with the approved investigation and disciplinary procedures, or

(b) if the relevant body falls within paragraph (b) of the definition of "relevant body", that the body did not comply with the applicable provisions in performing the F721[Part 27 function or Part 28 function],

the Supervisory Authority and the relevant body may, at their absolute discretion, enter into an agreement (in this section referred to as a "section 933A agreement") to resolve the matters the subject of the non-compliance.

(3) The following provisions shall apply to the section 933A agreement:

(a) the agreement may be entered into notwithstanding that no enquiry under section 933 into the non-compliance has been commenced;

(b) the agreement may be entered into after an enquiry under section 933 into the non-compliance has been commenced but not, subject to paragraph (d), after it has been completed;

(c) without prejudice to the generality of the terms of the agreement, such terms may include terms under which the relevant body accepts—

(i) the imposition of one or more sanctions that may be imposed under section 933(6)(b), and

(ii) if an enquiry under section 933 into the non-compliance has been commenced, the payment of costs referred to in section 933(7);

(d) the agreement may be entered into after an enquiry under section 933 has been undertaken and carried out only to the extent to determine which sanctions (if any) referred to in paragraph (c)(i) to impose on the relevant body;

(e) the terms of the agreement are binding on the Supervisory Authority and the relevant body.

(4) Subject to subsection (5), where the relevant body with whom the Supervisory Authority has entered into the section 933A agreement fails to comply with one or more of the terms of the agreement, the Supervisory Authority may apply to the court for an order compelling that body to comply with those terms.

(5) In default of payment, any amount agreed to be paid to the Supervisory Authority by the relevant body under the section 933A agreement may be recovered by the Supervisory Authority from the body as a simple contract debt in any court of competent jurisdiction.

(6) The Supervisory Authority may, at its discretion, publish a section 933A agreement on its website.

(7) Section 941 shall be disregarded for the purposes of a section 933A agreement.]

934. Investigation of possible breaches of standards of prescribed accountancy bodies

F722[934. (1) In this section—

"client" includes an individual, a body corporate, an unincorporated body of persons and a partnership;

"relevant person"—

(a) in relation to an investigation of a member or former member of a prescribed accountancy body, means—

(i) that member or any other member or former member of the prescribed accountancy body,

(ii) a client or former client of the member,

(iii) if the client or former client is a body corporate, a person who is or was an officer, employee or agent of the client or former client,

(iv) the prescribed accountancy body or a person who is or was an officer, employee or agent of that body,

(v) if the member is an individual, a person who is or was an employee or agent of the member,

(vi) if the member is a firm, a person who is or was an officer, member, partner, employee or agent of the firm, or

(vii) any person whom the Supervisory Authority reasonably believes has information or documents relating to the investigation other than information or documents the disclosure of which is prohibited or restricted by law,

and

(b) in relation to an investigation of a statutory auditor or former statutory auditor, means—

(i) that auditor and any other statutory auditor or former statutory auditor who is or was a member of the same recognised accountancy body as the first-mentioned statutory auditor,

(ii) a client or former client of the auditor,

(iii) if the client or former client is a body corporate, a person who is or was an officer, employee or agent of the client or former client,

(iv) the recognised accountancy body or a person who is or was an officer, employee or agent of that body,

(v) if the auditor is an individual, a person who is or was an employee or agent of the auditor,

(vi) if the auditor is or was an audit firm, a person who is or was an officer, member, partner, employee or agent of the auditor, or

(vii) any person whom the Supervisory Authority reasonably believes has information or documents relating to the investigation other than information or documents the disclosure of which is prohibited or restricted by law.

(2)
(a) Subject to paragraph (b) and subsection (3), the Supervisory Authority may undertake an investigation into a possible relevant contravention committed by a specified person—

(i) following a complaint, or

(ii) on its own initiative.

(b) The Supervisory Authority shall not undertake an investigation into a possible relevant contravention committed by a specified person who falls within paragraph (a) of the definition of "specified person" unless the Supervisory Authority is of the opinion that it is appropriate or in the public interest to do so.

(3) An investigation shall not be undertaken into a matter that is or has been the subject of an enquiry under section 933 relating to the specified person except with the permission of the court granted on application under section 933(5).

(4) For the purposes of an investigation under this section, the Supervisory Authority may require a relevant person to do one or more of the following:

(a) produce to the Supervisory Authority all books or documents relating to the investigation that are in the relevant person’s possession or control;

(b) attend before the Supervisory Authority;

(c) give the Supervisory Authority any other assistance in connection with the investigation that the relevant person is reasonably able to give.

(5) For the purposes of an investigation under this section, the Supervisory Authority may—

(a) examine on oath, either by word of mouth or on written interrogatories, a relevant person,

(b) administer oaths for the purposes of the examination, and

(6) The Supervisory Authority may certify the refusal or failure to the court if a relevant person refuses or fails to do one or more of the following:

(a) produce to the Supervisory Authority any book or document that it is the person’s duty under this section to produce;

(b) attend before the Supervisory Authority when required to do so under this section;

(7) On receiving a certificate of refusal or failure concerning a relevant person, the court may enquire into the case and after hearing any evidence that may be adduced, may do one or more of the following:

(a) direct that the relevant person attend or re-attend before the Supervisory Authority or produce particular books or documents or answer particular questions put to him or her by the Supervisory Authority;

(b) direct that the relevant person need not produce particular books or documents or answer particular questions put to him or her by the Supervisory Authority;

(8) Subject to sections 934G and 941(4) and (4A), if, in the case of a specified person who falls within paragraph (a) of the definition of ‘specified person’, the Supervisory Authority finds that the person committed a relevant contravention, the Supervisory Authority may impose on the person such sanction to which the person is liable under the F723[constitution] and bye laws of the prescribed accountancy body of which the person is a member (including a monetary sanction) as the Supervisory Authority considers appropriate after having regard to the circumstances referred to in section 934D(2).

(9) Subject to section 941(4) and (4A), if, in the case of a specified person who falls within paragraph (b) of the definition of "specified person", the Supervisory Authority finds that the person has committed a relevant contravention, the Supervisory Authority may impose such relevant sanction on the person as the Supervisory Authority considers appropriate after having regard to the circumstances referred to in section 934D(2).

(10) Subject to subsection (15) and section 941(4) and (4A), if subsection (8) or (9) applies, the costs incurred by the Supervisory Authority in investigating and determining a matter under this section (other than any costs of or incidental to an enquiry by the court under subsection (7)) shall be defrayed by, in the case of a specified person who falls within paragraph (a) of the definition of "specified person", the prescribed accountancy body of which the specified person is a member and, in any other case, by the specified person.

(11) Subject to subsection (12), the specified person who is the subject of a relevant decision made by the Supervisory Authority may appeal to the court against the decision.

(12) An appeal under subsection (11) shall be brought within 3 months after the date on which the specified person concerned was notified by the Supervisory Authority of the relevant decision.

(13) The prescribed accountancy body or specified person, as appropriate, may appeal to the court against a decision made by the Supervisory Authority specifying an amount of costs under subsection (10).

(14) An appeal under subsection (13) shall be brought within 3 months after the date on which the prescribed accountancy body or specified person, as appropriate, was notified by the Supervisory Authority of the decision.

(15) For the purposes of subsection (10)—

(a) the Supervisory Authority may prescribe by regulations—

(i) that specified procedures and methods of calculation shall apply in the determination of the amount of costs so incurred by it, and

(ii) requirements otherwise as to the liability of, as appropriate, the prescribed accountancy body or specified person for, and the manner in which that body or person shall pay, that amount,

and

(b) in default of payment of that amount to the Supervisory Authority, the Authority may recover that amount as a simple contract debt in any court of competent jurisdiction.

(16) The production of any books or documents under this section by a person who claims a lien on them does not prejudice the lien.

(17) Nothing in this section shall be construed to prevent the undertaking of one investigation under this section into 2 or more possible relevant contraventions committed by the same specified person where one or more of such possible contraventions fall within paragraph (a) of the definition of "relevant contravention" and one or more of such possible contraventions fall within paragraph (b) of that definition.]

934A. F724[ Supplemental provisions to section 934 - certain specified persons

934A. (1) This section applies to a specified person the subject of a decision under section 934(8) that the person has committed a relevant contravention.

(2) Where applicable, the Supervisory Authority shall direct the prescribed accountancy body of which the specified person referred to in subsection (1) is a member to take any necessary action on foot of the imposition of a relevant sanction on the person and that body shall comply with the direction.

(3) The Supervisory Authority shall, as soon as is practicable after imposing a relevant sanction on a specified person referred to in subsection (1), notify the prescribed accountancy body of which the specified person is a member of the imposition of the sanction together with such particulars of the person, the relevant contravention concerned and the sanction as the Supervisory Authority considers appropriate.]

934AA. F725[Interim direction required to protect public

934AA. (1) Subject to subsection (3), the Supervisory Authority may issue a direction referred to in subsection (2) (in this section referred to as an “interim direction”) to a specified person where the Supervisory Authority is of the opinion that the nature or gravity of the possible relevant contravention committed by the specified person warrants, in the interest of protecting the public, the issuing of such a direction.

(2) An interim direction may be specified by the Supervisory Authority to apply in relation to all of the specified person’s audit files or audit engagements or to only certain categories thereof, and may require all or any of the following:

(a) the review by a statutory auditor, other than the specified person, of the specified person’s audit files (either before or after the signing by the specified person of the statutory auditors’ report to which each such file relates), and each such review, once completed, shall be provided to the Supervisory Authority by the specified person;

(b) the notification to the Supervisory Authority by the specified person of any new audit engagement accepted by the specified person;

(c) the approval of the Supervisory Authority to be obtained by the specified person before accepting any new audit engagement.

(3) Before issuing an interim direction to a specified person under subsection (1), the Supervisory Authority shall give the specified person notice (in this section referred to as “advance notice”) of the proposal to issue the interim direction, and the advance notice shall—

(a) specify the act or omission constituting the possible relevant contravention referred to in subsection (1) to which the proposed interim direction relates,

(b) specify the requirement referred to in subsection (2) with which it is proposed that the specified person be required to comply, and

(c) inform the specified person that he or she may make representations to the Supervisory Authority in respect of the proposed interim direction in accordance with subsection (4).

(4) A specified person who is given an advance notice may, within 21 days from the date of receipt of the notice, make representations to the Supervisory Authority about the proposal to issue an interim direction.

(5) The Supervisory Authority shall consider any representations made to it under subsection (4) and, within 21 days from the date by which representations are to be made under subsection (4), decide whether to proceed with the issuing of the interim direction.

(6) An interim direction shall—

(a) be in writing,

(b) specify the act or omission constituting the possible relevant contravention referred to in subsection (1) to which the interim direction relates,

(c) specify the requirement referred to in subsection (2) with which the specified person is required to comply for so long as the interim direction has effect,

(d) contain information in relation to the date on which the interim direction will cease to have effect under subsection (7),

(e) contain information regarding the making of a request under subsection (10),

(f) contain information regarding the bringing of an appeal under subsection (11), and

(g) include such additional matters (if any) as the Authority considers appropriate.

(7) An interim direction shall have effect from the date on which it is issued until the earliest of the following:

(a) the date on which the Supervisory Authority—

(i) makes a decision under section 934(8) or (9), or

(ii) decides not to proceed with an investigation under section 934,

in relation to the possible relevant contravention referred to in subsection (1) to which the direction relates;

(b) the date that is 18 months after the date of the issuing of the direction;

(8) The Supervisory Authority may withdraw an interim direction at any time, as the Supervisory Authority considers appropriate.

(9) Without prejudice to the generality of subsection (8), the Supervisory Authority shall consider whether to withdraw an interim direction under subsection (8)—

(a) within 6 months after the date of the issuing of the interim direction, and

(b) thereafter, at intervals not exceeding 6 months.

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