PART 4FINANCIAL AFFAIRS OF REGULATED INSTITUTIONS

Financial management code

27HEFCW’s duty to prepare and publish Code

1

HEFCW must prepare and publish a code relating to the organisation and management of the financial affairs of regulated institutions (referred to in this Act as “the Code”).

2

The Code may make provision about the following matters (among others)—

a

circumstances in which a regulated institution is to enter into a transaction of a class specified in the Code only with the consent of HEFCW;

b

accounting and audit arrangements of regulated institutions;

c

the provision of information to HEFCW.

3

A provision of the Code may take the form of a requirement or guidance.

4

The governing body of a regulated institution must—

a

comply with any requirement imposed by the Code;

b

take into account any guidance contained in the Code.

5

HEFCW may publish the Code in whatever way they think appropriate.

6

HEFCW must—

a

keep the Code under review, and

b

if they think it appropriate, prepare and publish a revised Code.

7

The Code may make different provision for different purposes (including for different institutions and different descriptions of institution).

8

For the purposes of this Part, the Open University is not to be treated as a regulated institution.

9

In sections 28, 29 and 30, “the first Code” means the first Code to be published under this section.