Companies (Auditing and Accounting) Act 2003

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PART 4

Regulations and Miscellaneous Matters

Minister's power to make regulations.

48.—(1) Subject to section 49 , the Minister may make regulations respecting any matter that is referred to in this Act as prescribed or that is necessary or advisable for giving effect to this Act, including regulations—

(a) prescribing bodies of accountants for the purposes of this Act,

(b) prescribing designated bodies for the purposes of sections 6 and 11,

(c) providing that, effective on a specified date, a body referred to in section 6 (2) ceases to be a designated body,

(d) varying, as a consequence of a regulation under paragraph (b) or (c), the numbers specified in section 11 (1), (2) and (3) as the Minister considers necessary or expedient,

(e) prescribing for the purposes of the criteria referred to in section 15 (2)(b) amounts that are higher or lower than the euro amounts specified in that section and that apply instead of the euro amounts,

(f) prescribing the amount of a penalty under section 23 (5)(c),

(g) prescribing for the purpose of section 23 (7) the manner in which notice is to be given,

(h) prescribing, for the purposes of the criteria referred to in paragraph (c) of the definition of “relevant undertaking” in section 26 , amounts that are higher or lower than the euro amounts specified in that definition and that apply instead of the euro amounts,

(i) prescribing for the purposes of section 31 (3) persons to whom the Supervisory Authority may disclose information,

(j) exempting from all or any of sections 15 and 26 of this Act and sections 205A, 205B, 205C, 205D and 205E of the Act of 1990—

(i) qualifying companies within the meaning of section 110 of the Taxes Consolidation Act 1997 (as inserted by section 48 of the Finance Act 2003 ), and

(ii) classes of other companies and other undertakings, if the extent to which or the manner in which they are or may be regulated under any enactment makes it, in the Minister's opinion, unnecessary or inappropriate to apply those provisions to them,

(k) prescribing for the purposes of the definition of “accounting standards” in section 205A of the Act of 1990 one or more bodies that issue statements of accounting standards,

(l) prescribing, for the purposes of the definitions of “large private company” and “relevant undertaking” in section 205B of the Act of 1990 or for the purposes of section 205E(9) of that Act, amounts that are higher or lower than the euro amounts specified in those definitions or in section 205E(9), as the case may be, and that apply instead of the euro amounts,

(m) prescribing for the purposes of section 205B of the Act of 1990—

(i) additional functions to be performed by audit committees,

(ii) conditions to be met under subsection (8)(c) of that section, and

(iii) supplementary rules governing the operation of those committees,

and

(n) prescribing the format in which information must be disclosed under section 205D of the Act of 1990 for audit work, audit-related work and non-audit work.

(2) On a body ceasing—

(a) to be a prescribed accountancy body because of the revocation of a regulation made under subsection (1)(a), or

(b) to be a designated body because of a regulation under subsection (1)(c),

any director who was nominated by that body under section 11 immediately ceases to hold office.

(3) Before preparing for the purposes of section 49 a draft regulation under subsection (1)(a), (e), (h) or (l) of this section, the Minister shall consider any recommendations that the Supervisory Authority may make.

(4) Subject to subsection (3), before making a regulation under this section the Minister may consult with any persons that the Minister considers should be consulted.

(5) Regulations under this section may contain any transitional and other supplementary and incidental provisions that appear to the Minister to be appropriate.