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Transfer of certain functions to Supervisory Authority and related transitional provisions.
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32.—(1) The Acts specified in Schedule 1 are amended as indicated in that Schedule.
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(2) Subject to subsections (3) to (5), each body that was a recognised body of accountants immediately before the commencement of this section is a recognised accountancy body immediately after the commencement of this section.
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(3) Where, on an application made by the Institute of Incorporated Public Accountants under the Act of 1990 before 15 September 2003 as though it were not a recognised body of accountants, the Minister decides, before the commencement of this section, to grant the Institute recognition (with or without terms and conditions) for the purposes of section 187 of that Act or to refuse to grant it such recognition—
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(a) the decision is not invalid or ineffectual by reason only—
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(i) that the recognition granted to the Institute before 29 January 2003 had not been withdrawn before the date of application, or
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(ii) that the decision to grant or refuse recognition was made before the commencement of this section,
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(b) if recognition is granted, the Institute is deemed to have become a recognised body of accountants on the date of the decision, subject to such terms and conditions, if any, as may be specified by the Minister at the time of granting recognition, and
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(c) if recognition is refused, the Institute is deemed to have ceased to be a recognised body of accountants on the date of the decision.
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(4) If for any reason a decision in relation to the application referred to in subsection (3) has not been made before the commencement of this section, the Minister shall, on the commencement of this section, refer the application to the Supervisory Authority for a decision.
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(5) If, following the referral of the application, the Supervisory Authority decides to grant the Institute of Incorporated Public Accountants recognition (with or without terms and conditions) for the purposes of section 187 of that Act or to refuse to grant it such recognition, the decision is not invalid or ineffectual by reason only that the recognition granted to the Institute before 29 January 2003 had not been withdrawn before the date of application.
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(6) For the removal of doubt and subject to subsection (3), section 192 of the Act of 1990 as amended by this section applies during its currency to any recognition granted to the Institute of Incorporated Public Accountants following the application referred to in subsection (3).
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(7) Each person who, on the making of an application referred to in subsection (3), was a member of and held a valid practising certificate from the Institute of Incorporated Public Accountants is considered, for the purposes of section 187 of the Act of 1990, to be a member of a recognised body of accountants until the later of—
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(a) the commencement of this section, and
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(b) the date on which the Minister or the Supervisory Authority, as the case may be, makes a decision in relation to the application.
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(8) If the Minister or the Supervisory Authority, as the case may be, decides to refuse to grant recognition to the Institute of Incorporated Public Accountants—
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(a) each person referred to in subsection (7) is, from the date on which he or she ceases under that subsection to be considered to be a member of a recognised body of accountants, considered for the time being authorised to be appointed as an auditor of a company or as a public auditor, as though he or she had been granted an authorisation by the Minister under section 187(1)(a)(iv) of the Act of 1990, and
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(b) section 187(14) of the Act of 1990 applies in respect of an authorisation under this subsection, except that the 3 year period referred to in that section runs from the date referred to in paragraph (a).
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(9) For the removal of doubt, section 192 of the Act of 1990 as amended by this section applies during its currency to an authorisation under subsection (8).
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(10) Each person who, immediately before the commencement of this section, was for the time being authorised by the Minister under section 187 of the Act of 1990 to be appointed as an auditor of a company or as a public auditor is immediately after the commencement of this section considered for the time being authorised by the Supervisory Authority to be so appointed.
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(11) Any legal proceedings against the Minister that, immediately before the commencement of this section, are pending or underway and that relate to the exercise of the Minister's powers under any provision mentioned in Schedule 1 may be continued against the Minister after the commencement of this section as if that provision had not been amended by this section.
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