“ General functions of CommissionU.K.

45AA Statements of principles etc. by Commission.

(1)The Commission shall, as soon as practicable after the coming into force of this section, publish in such manner and in such detail as it thinks appropriate a statement of the principles in accordance with which it is acting or proposing to act—

(a)in exercising its powers of control; and

(b)in interpreting the criteria of prudent management.

(2)If in the course of a financial year the Commission makes a material change in the principles in accordance with which it is acting or proposing to act as mentioned in subsection (1) above, the Commission shall include in the report made by it for that year under section 4 a statement of the change in such detail as it thinks appropriate.

(3)The Commission may, at any time, publish in such manner and in such detail as it thinks appropriate, either or both of the following, namely—

(a)a statement of the principles in accordance with which it is acting or proposing to act as mentioned in subsection (1) above; and

(b)a statement containing additional guidance as to the exercise of its powers of control and its interpretation of the criteria of prudent management.

(4)In this section “powers of control”, in relation to the Commission, means—

(a)the powers conferred on it by sections 36, 36A and 37; and

(b)its powers to grant or revoke an authorisation, to impose conditions on an authorisation or to direct the making of an application under section 41.”]