Companies Act 2014 section 943

Minister's power to make regulations for purposes of Chapter, etc.

Section 943 empowers the Minister to make regulations necessary for giving effect to the provisions of this Chapter and certain other sections of the Companies Act 2014, including provisions on audit committees, directors' compliance statements, and accounting standards definitions.

• The Minister may make regulations covering a wide range of matters, including designating or removing designated bodies, setting penalty amounts, prescribing accounting standards bodies, and exempting certain companies from directors' compliance statement requirements
• If a body loses its status as a prescribed accountancy body or designated body through regulation, any director nominated by that body to the board of the Supervisory Authority automatically loses their position
• Before preparing certain draft regulations, the Minister must consider any recommendations made by the Supervisory Authority and may also consult with any other persons considered appropriate
• Regulations may include transitional, supplementary, and incidental provisions as the Minister considers appropriate

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