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(a) having an interest in, and having satisfactory procedures directed to, monitoring compliance by issuers of listed securities with accounting requirements imposed by listing rules in relation to periodic accounts and reports produced by such issuers; and

(b) otherwise being a fit and proper body to be appointed which will exercise its functions as a prescribed body in accordance with the requirements of this Order:

Now therefore the Secretary of State, in exercise of the powers conferred upon her by section 14(1),(5) and (8) of the Companies (Audit, Investigations and Community Enterprise) Act 2004[1], hereby makes the following Order:

Citation, commencement and interpretation
     1. This Order may be cited as the Supervision of Accounts and Reports (Prescribed Body) Order 2005 and shall come into force on 6th April 2005.

     2. In this Order -

(a) "listing" has the meaning given in section 74(5) of the Financial Services and Markets Act 2000[2];

(b) "the prescribed body" means the body known as the Financial Reporting Review Panel established under the articles of association of The Financial Reporting Review Panel Limited[3];

Appointment
     3. The prescribed body is hereby appointed to exercise the functions mentioned in section 14(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004 in respect of any issuer of listed securities which is:

(a) a body corporate incorporated or otherwise formed under the law of, or of a part of, the United Kingdom; or

(b) a body corporate incorporated or otherwise formed under the law of a place outside the United Kingdom where:


(i) any of the listed securities which that body corporate issues are in the form of shares comprised in the issued share capital of the body corporate, or securities convertible into such shares, with the exception of:


(aa) shares in any part of the issued share capital of the body corporate which, neither in relation to dividends nor in relation to capital, carry any right to participate beyond a specified amount in a distribution; or

(bb) securities convertible into such shares; and



(ii) the listing of the shares or other securities referred to in sub-paragraph (i) is a primary listing under listing rules.

     4. The prescribed body shall have satisfactory arrangements for recording decisions made in the exercise of the functions it exercises by virtue of its appointment and for the safeguarding of those records which ought to be preserved.


Jacqui Smith
Minister for Industry and the Regions, Deputy Minister for Women and Equality Department of Trade and Industry

15th March 2005

[2] 2000 c.8back

[3] Registered number 02569435back

 © Crown copyright 2005