Companies
(Designated Body) (Jersey) Order 2012
Official
Consolidated Version
This is an official
version of consolidated legislation compiled and issued under the authority of
the Legislation (Jersey) Law 2021.
Showing the law
from 1 January 2019 to Current
Companies
(Designated Body) (Jersey) Order 2012
THE MINISTER
FOR ECONOMIC DEVELOPMENT, in pursuance of Articles 113N, 219 and 220 of the Companies (Jersey) Law 1991, and after consultation with and on the
recommendation of the Jersey Financial Services Commission, orders as
follows –
Commencement [see endnotes]
1 Interpretation
In this Order –
“designated body” shall be construed in accordance with
Article 2;
“Law” means the Companies (Jersey) Law 1991.
2 Designated
body
The Financial Reporting Council Limited, being a company registered
in England with company number 02486368, is designated for the purposes of
Articles 113K, 113L and 113M of the Law.
3 Extent of transfer of powers and duties to designated body
(1) The powers and duties
of the Commission under Articles 113K and 113M of the Law may be exercised
or carried out in their entirety by the designated body.
(2) The powers of the
Commission under Article 113L of the Law may be exercised or carried out
by the designated body to the extent that those powers do not relate to the
exercise by the Commission of its functions under Part 16 of the Law in
relation to the Register of Recognized Auditors.
4 Prescribed
duties of designated body
(1) The designated body
must, at least once in each year, make a report to the Minister on its
discharge of the powers and duties exercised or carried out by it by virtue of
this Order.
(2) The designated body
must provide a copy of the report to the Commission as soon as reasonably
practicable after it makes the report to the Minister.
(3) The designated body must
provide the Minister with such other reports and information on the discharge
of those powers and duties as the Minister requires from time to time by notice
in writing to the designated body.
(4) In relation to a
recognized professional body in respect of which the Commission has approved
rules pursuant to Article 112(1)(a) of the Law, the designated body must
notify the Commission if at any time it is not satisfied that the recognized
professional body meets the requirements set out in sub-paragraphs (a) to
(e) of Article 112(4) of the Law.
5 Citation
and transitional arrangement
(1) This Order may be cited
as the Companies (Designated Body) (Jersey) Order 2012.
(2) The duty to report
under Article 4(1) shall include a duty to report upon the discharge of
the powers and duties exercised or carried out by the Professional Oversight
Board under the Companies (Professional Oversight Board) (Jersey)
Order 2010 since the end of the last period to which a report of the
Professional Oversight Board to the Minister under that Order related.