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Amendment of section 941 of Principal Act
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41. Section 941 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “section 931B(5), 933(10) or (12) or 934(11) or (13)” for “section 933(9) or (11), 934(10) or 935B(7)”,
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(b) in subsection (3)—
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(i) by the substitution of “section 933(5)” for “section 933(4)”,
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(ii) by the substitution of “relevant contravention committed by a specified person” for “breach of a prescribed accountancy body’s rules by a member”, and
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(iii) in paragraph (b), by the substitution of “such person” for “the member”,
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(c) by the substitution of the following subsections for subsection (4):
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“(4) Subsection (4A) applies to the following decisions of the Supervisory Authority:
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(a) a decision under section 931B(2)(c);
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(b) a decision under section 933(6) in so far as it relates to the advisement, or admonishment, or censure referred to in that section of a relevant body;
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(c) a decision under section 933(7);
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(d) a decision under section 934(10);
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(e) a relevant decision in so far as it relates to the imposition of a relevant sanction on a specified person.
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(4A) A decision to which this subsection applies does not take effect until the decision is confirmed by the court either—
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(a) on appeal under section 931B(5), 933(10) or 934(11) or (13), or
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(b) on application by the Supervisory Authority under subsection (5).”,
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(d) in subsection (5), by the substitution of “to which subsection (4A) applies” for “referred to in subsection (4)”,
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(e) in subsection (6), by the substitution of the following paragraphs for paragraphs (b) and (c):
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“(b) a term or condition of recognition,
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(c) an obligation or obligations referred to in that subsection,
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(d) a section 931 notice, or
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(e) a direction under section 934A(2) or 934C(5),”,
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and
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(f) by the insertion of the following subsections after subsection (6):
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“(7) On an application under section 933A(4) for an order compelling compliance with a section 933A agreement, the court may make any order or give any direction as it thinks fit.
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(8) On an application under section 934B(2) for a direction referred to in section 934B(1), the court may make any order or give any direction as it thinks fit.
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(9) On an application under section 934E(4) for an order compelling compliance with a section 934E agreement, the court may make any order or give any direction as it thinks fit.”.
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