The office assigned to regulate CICs is named, creatively enough, the Office of the Regulator of Community Interest Companies.
“The Office of the Regulator of Community Interest Companies decides whether an organisation is eligible to become, or continue to be, a community interest company (CIC). It is responsible for investigating complaints – taking action if necessary – and it provides guidance and assistance to help people set up CICs,” the website says.
The responsibilities of the Office of the Regulator
The office is the arbiter of everything involving CICs.
- Ensuring that applications for CIC status meet the criteria to be granted this important status
- Sharing with the Company’s House of successful applications. The Companies House will then issue a certificate of incorporation to the organisation.
- Promote CICs for certain enterprises
- Guide the formation of CICs and advise on regulations
- Minimal interference in the operations of CICs, while still maintaining regulatory controls
The primary role of the Regulator of CICs
The primary focus of the regulator for all cic’s in the uk is to oversee compliance. Maintaining the integrity of CICs and the CIC system is vital for ensuring that everyone’s needs are met and that the CIC is doing what it was created to do.
The Regulator has the power to take when a CIC falls outside the guidelines of the CIC regulations.
The Regulator has the power to:
- Bring civil proceedings in the name of the CIC
- Appoint or remove directors
- Appoint a manager
- To vest in trust the property of a CIC
- Order a transfer of share
- Eliminate an interest in w CIC
- Petition a Court to shut down a CIC
- Reinstate CIC that has been struck
Regulations for CIC companies
While the Regulator of CICs is charged with having a light touch approach to CICs, they have sufficient power to ensure that every CIC adheres to all regulations. The maintenance of the integrity of individual CICs and the CIC programme, in general, to maintain and increase public trust in CICs to be more than simply companies, but to be companies that serve and help the community.
If you need to know more about the Regulator of CICs or what laws and regulations exist for CICs, please contact our team. We’re here to help you with everything your CIC needs.
How we can help
The Team at KG Accountants can help you understand and navigate the complex laws and regulations that exist when running your CIC.
Call us today on 0207 953 8913 or complete our enquiry form in order to book a FREE initial CIC consultation.
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