Companies Act 2014

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 F300 [ (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 F301 [ 2003), ]

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

F302 [ (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 Part 27 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 F301 [ , 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) Directive (within the meaning of that F303 [ Chapter), ]

(b) rules adopted by the Supervisory Authority under subsection (3) concerning the matters that relate to its functions under F303 [ section 905(2) ( m ), ]

F300 [ (c) provisions of F301 [ Part 27 ] 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) . ]

Annotations

Amendments:

F300

Inserted (17.06.2016) by European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016), reg. 17(a) and (b)(iii), in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143.

F301

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 20(a)(i), (iii), (b), S.I. No. 366 of 2018.

F302

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 20(a)(ii), S.I. No. 366 of 2018.

F303

Substituted (17.06.2016) by European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016), reg. 17(b), in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143.