Legislation – The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
PART 2Adoption of international accounting standards
CHAPTER 4Power for Secretary of State to delegate adoption function
Delegation of the Secretary of State’s functions14.
(1)
The Secretary of State’s power to make delegation regulations under regulation 13 is exercisable in accordance with this regulation.
(2)
The Secretary of State may make delegation regulations designating a body only if it appears to him that—
(a)
the body is able and willing to exercise the functions that would be transferred by the regulations, and
(b)
the body has arrangements in place relating to the exercise of those functions which are such as to be likely to ensure that the conditions in paragraph (3) are met.
(3)
The conditions are—
(a)
that the functions in question will be exercised effectively, and
(b)
where the delegation regulations are to contain any requirements or other provision specified under paragraph (4), that those functions will be exercised in accordance with any such requirements or provisions.
(4)
The delegation regulations may contain such requirements or other provision relating to the exercise of the functions by the designated body as appear to the Secretary of State to be appropriate.