Water (Special Measures) Act 2025
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Change 1
2 Financial transparency requirements
In the Water Industry Act 1991, after section 35D (inserted by section 1) insert— Financial transparency Authority to secure publication of financial overview 35E (1) The purpose of this section is that members of the public should have easy access to a concise, intelligible and up-to-date overview of the financial position of each relevant undertaker. (2) A relevant undertaker’s “financial position” includes the amount and essential characteristics of the share capital and debt used to fund the operations of the undertaker. (3) The overview should include significant changes that— (a) took place in the period of 12 months before the publication of the overview, or (b) are expected to take place in the period of 12 months following that publication, provided that the changes have been publicly announced. (4) The Authority must from time to time decide— (a) what information should be included in the overview, and (b) in what format it should be published, in order to fulfil the purpose set out in subsection (1) (as read with subsection (3)). (5) The Authority must secure that each relevant undertaker is required to publish at least once every year, in a prominent place on its website, an up-to-date overview that accords with what the Authority has decided under subsection (4). (6) It must do so by— (a) exercising its appointment powers, or (b) issuing rules under this section. (7) The Authority’s “appointment powers” are— (a) its powers to impose and modify conditions of appointments under this Chapter, and (b) anything it may do by virtue of such conditions with the result that a relevant undertaker is required to act in a certain way. (8) Sections 35B(7) to (10), 35C and 35D apply in relation to rules under this section as they apply in relation to rules under section 35B.
2 Financial transparency requirements
In the Water Industry Act 1991, after section 35D (inserted by section 1) insert— Financial transparency Authority to secure publication of financial overview 35E (1) The purpose of this section is that members of the public should have easy access to a concise, intelligible and up-to-date overview of the financial position of each relevant undertaker. (2) A relevant undertaker’s “financial position” includes the amount and essential characteristics of the share capital and debt used to fund the operations of the undertaker. (3) The overview should include significant changes that— (a) took place in the period of 12 months before the publication of the overview, or (b) are expected to take place in the period of 12 months following that publication, provided that the changes have been publicly announced. (4) The Authority must from time to time decide— (a) what information should be included in the overview, and (b) in what format it should be published, in order to fulfil the purpose set out in subsection (1) (as read with subsection (3)). (5) The Authority must secure that each relevant undertaker is required to publish at least once every year, in a prominent place on its website, an up-to-date overview that accords with what the Authority has decided under subsection (4). (6) It must do so by— (a) exercising its appointment powers, or (b) issuing rules under this section. (7) The Authority’s “appointment powers” are— (a) its powers to impose and modify conditions of appointments under this Chapter, and (b) anything it may do by virtue of such conditions with the result that a relevant undertaker is required to act in a certain way. (8) Sections 35B(7) to (10), 35C and 35D apply in relation to rules under this section as they apply in relation to rules under section 35B.
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