Companies (Designated Body) (Jersey) Order 2012

Summary

This Order, made under the Companies (Jersey) Law 1991, designates the Financial Reporting Council Limited (a company registered in England) as the designated body for oversight functions relating to recognized auditors and recognized professional bodies. It transfers specified powers and duties from the Jersey Financial Services Commission to that designated body and sets out reporting duties the designated body owes to the Minister for Economic Development and to the Commission.

• Designation: The Financial Reporting Council Limited (company number 02486368) is designated for the purposes of Articles 113K, 113L and 113M of the Companies (Jersey) Law 1991.
• Transfer of powers: Powers and duties of the Commission under Articles 113K and 113M may be exercised entirely by the designated body; powers under Article 113L may be exercised by it except where they relate to the Commission's functions over the Register of Recognized Auditors.
• Annual reporting: The designated body must report at least once a year to the Minister on its discharge of the transferred powers and duties, and give the Commission a copy as soon as reasonably practicable.
• Ad hoc reporting: The designated body must provide further reports or information to the Minister on request by written notice.
• Notification duty: Where the Commission has approved rules for a recognized professional body, the designated body must notify the Commission if it is no longer satisfied that the body meets the requirements in Article 112(4)(a) to (e) of the Law.
• Transitional carry-over: The reporting duty also covers the discharge of powers previously exercised by the Professional Oversight Board under the earlier 2010 Order, since the last report period.

The Order does not impose obligations directly on companies or the general public; it primarily governs the relationship between the Commission, the Minister, and the designated oversight body for auditor and professional body regulation.

Key obligations

• The designated body must report to the Minister for Economic Development at least once each year on its discharge of the powers and duties transferred to it.
• The designated body must provide the Commission with a copy of that report as soon as reasonably practicable after submitting it to the Minister.
• The designated body must provide the Minister with any further reports or information on its exercise of these powers and duties when the Minister requires this by written notice.
• The designated body must notify the Commission if it becomes unsatisfied that a recognized professional body (with Commission-approved rules) meets the requirements in Article 112(4)(a) to (e) of the Companies (Jersey) Law 1991.
• The designated body's annual reporting duty extends to reporting on powers and duties previously discharged by the Professional Oversight Board under the 2010 Order, covering the period since that body's last report.

Applies to

designated body (Financial Reporting Council Limited), recognized professional bodies, recognized auditors, Jersey Financial Services Commission

Deadlines

• at least once in each year: Designated body must make a report to the Minister on its discharge of transferred powers and duties.
• as soon as reasonably practicable after making the report to the Minister: Designated body must provide the Commission with a copy of that report.

Related documents

• This document is made under Companies (Jersey) Law 1991