Companies Act 2014

916.

Supervisory Authority may levy prescribed accountancy bodies

916. (1) For the purpose specified in F309 [ 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.

F310 [ (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) . ]

Annotations

Amendments:

F309

Substituted (8.02.2016) by Credit Guarantee (Amendment) Act 2016 (1/2016), s. 20, commenced on enactment. The same amendment is also made (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 70, S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F310

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 23, S.I. No. 366 of 2018.

Editorial Notes:

E111

Levies imposed under section on recognised accountancy bodies may be used for the purpose of meeting expenses properly incurred by the Supervisory Authority in performing its function referred to in s. 905(2)(ma) as provided (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 , reg. 77(4), in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143.