Page 457 - IOM Law Society Rules Book

160 Financial Services Act 2008 c.8

SCH. 1 (3) The members of the Commission are responsible to the Treasury for
the proper operation of the Commission and its compliance with the requirements
of this Act.

(4) Sub-paragraph (3) is not in derogation of any right or remedy in respect
of the acts and omissions of the members of the Commission.

Monitoring and enforcement

5. (1) The Commission must maintain arrangements designed to enable it to
determine whether persons on whom requirements are imposed under this Act
are complying with them.

(2) Those arrangements may provide for functions to be performed on
behalf of the Commission by any body or person who, in its opinion, is competent
to perform them.

(3) The Commission must also maintain arrangements for enforcing the
provisions of, or made under, this Act or the statutory provisions referred to in
paragraph 2(1)(f) to (h).

(4) Sub-paragraph (2) does not affect the Commission’s duty under sub-
paragraph (1).

(5) This paragraph is without prejudice to paragraph 3 of Schedule 2 to
[c.14] the Statutory Boards Act 1987.

Records

6. (1) The Commission must maintain satisfactory arrangements for —

(a) recording decisions made in the exercise of its functions; and

(b) the safe-keeping of those records which it considers ought to be
preserved.

[c.8] (2) This paragraph is without prejudice to the Public Records Act 1999.

Annual Report

7. (1) The Commission shall as soon as possible after the beginning of each
financial period, submit to the Treasury —

(a) a report of the Commission’s proceedings and activities for the previous
year; and

[c.15] (b) accounts audited under the provisions of the Audit Act 2006.

(2) The annual report shall include a report on the performance of the
Commission with respect to —

(a) the obligations under section 2(1)(a) (regulatory objectives);

(b) the obligations under paragraph 3 of this Schedule;