Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XXII/data.xht?view=snippet&wrap=true
Timestamp: 2019-09-23 19:05:27
Document Index: 316485812

Matched Legal Cases: ['art. 2', 'art. 3', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 2', 'art. 3']

[F1[F2General duties of regulator]U.K.
F1S. 339A and cross-heading inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 2 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F2S. 339A cross-heading substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 134(3), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
339AGeneral duties of PRA in relation to auditorsU.K.
(7)“Auditor” means an auditor appointed under or as a result of a statutory provision.]
[F3339B Duty to meet auditors of certain institutionsU.K.
(1)The FCA must make arrangements for meetings to take place at least once a year between—
(a)the FCA, and
(b)the auditor of any PRA-authorised person to which section 339C applies.
(2)The PRA must make arrangements for meetings to take place at least once a year between—
(a)the PRA, and
(3)The annual report of each regulator must include the number of meetings that have taken place during the period to which the report relates between the regulator and auditors of PRA-authorised persons to which section 339C applies.
(4)In subsection (3) “the annual report” means—
(a)in relation to the FCA, every report which it is required by paragraph 11 of Schedule 1ZA to make to the Treasury, and
(b)in relation to the PRA, every report which it is required by paragraph 19 of Schedule 1ZB to make to the Treasury.
(5)In this section “auditor” means an auditor appointed under or as a result of a statutory provision.
F3Ss. 339B, 339C inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 134(2), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
339CPRA-authorised persons to which this section appliesU.K.
(1)[F4The appropriate regulator may make rules requiring] an authorised person, or an authorised person falling within a specified class—
(2)[F5The appropriate regulator may make rules requiring] an authorised person, or an authorised person falling within a specified class—
[F6(3A)The PRA—
(b)requiring the [F7regulator making the rules] to be notified of an appointment;
(c)enabling the [F7regulator making the rules] to make an appointment if no appointment has been made or notified;
(5)An auditor or actuary appointed as a result of rules under subsection (1), or on whom duties are imposed by rules under subsection [F8(3A) or (3B)]—
[F9(5A)In subsections (1) and (2) “the appropriate regulator” means—
(6)In subsections (1) to [F10(3B)] “auditor” or “actuary” means an auditor, or actuary, who satisfies such requirements as to qualifications, experience and other matters (if any) as may be specified.
[F11(8)The powers conferred by this section enable only the making of such rules as appear to the regulator making them to be necessary or expedient—
F4Words in s. 340(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Words in s. 340(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 3(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6S. 340(3A)(3B) substituted for s. 340(3) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 3(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Words in s. 340(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 3(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8Words in s. 340(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 3(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9S. 340(5A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 3(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F10Word in s. 340(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 3(8) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11S. 340(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 3(9) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
341 Access to books etc.U.K.
(1)An appointed auditor of, or an appointed actuary acting for, an authorised person—
(a)has a right of access at all times to the authorised person’s books, accounts and vouchers; and
(b)is entitled to require from the authorised person’s officers such information and explanations as he reasonably considers necessary for the performance of his duties as auditor or actuary.
(2)“Appointed” means appointed under or as a result of this Act.
C2Ss. 341-346 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 4 (with reg. 3)
342 Information given by auditor or actuary to [F12a regulator].U.K.
(1)This section applies to a person who is, or has been, an auditor of an authorised person [F13or recognised investment exchange,] appointed under or as a result of a statutory provision.
(2)This section also applies to a person who is, or has been, an actuary acting for an authorised person and appointed under or as a result of a statutory provision.
(3)An auditor or actuary does not contravene any duty to which he is subject merely because he gives to [F14a regulator]—
(a)information on a matter of which he has, or had, become aware in his capacity as auditor of, or actuary acting for, the authorised person [F15or recognised investment exchange], or
(b)his opinion on such a matter,
if he is acting in good faith and he reasonably believes that the information or opinion is relevant to any functions of [F16that regulator].
(4)Subsection (3) applies whether or not the auditor or actuary is responding to a request from the [F17regulator].
(5)The Treasury may make regulations prescribing circumstances in which an auditor or actuary must communicate matters to [F18a regulator] as mentioned in subsection (3).
(6)It is the duty of an auditor or actuary to whom any such regulations apply to communicate a matter to [F18a regulator] in the circumstances prescribed by the regulations.
[F19(6A)If the authorised person concerned is a credit institution or an investment firm, and an auditor or actuary communicates a matter to a regulator in accordance with the regulations, the matter must be disclosed simultaneously to the management body of the authorised person, unless there are compelling reasons not to do so.]
(7)The matters to be communicated to [F18a regulator] in accordance with the regulations may include matters relating to persons other than the authorised person [F20or recognised investment exchange] concerned.
[F21(8)In subsection (6A) “credit institution” and “investment firm” have the same meaning as in Article 4(1) of the capital requirements regulation.]
F12Words in s. 342 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 4(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F13Words in s. 342(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 4(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F14Words in s. 342(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 4(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15Words in s. 342(3) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 4(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F16Words in s. 342(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 4(3)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F17Word in s. 342(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 4(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F18Words in s. 342 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 4(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F19S. 342(6A) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 20(2)
F20Words in s. 342(7) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 4(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F21S. 342(8) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 20(3)
C3Ss. 341-346 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 4 (with reg. 3)
I1S. 342 wholly in force at 1.12.2001; s. 342 not in force at Royal Assent see s. 431(2); s. 342(5) in force at 25.2.2001 by S.I. 2001/516, art. 2(a), Sch. Pt. 1; s. 342 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
343 Information given by auditor or actuary to [F22a regulator]: persons with close links.U.K.
(a)is, or has been, an auditor of an authorised person [F23or recognised investment exchange,] appointed under or as a result of a statutory provision; and
(b)is, or has been, an auditor of a person (“CL”) who has close links with the authorised person [F24or recognised investment exchange].
(a)is, or has been, an actuary acting for an authorised person and appointed under or as a result of a statutory provision; and
(b)is, or has been, an actuary acting for a person (“CL”) who has close links with the authorised person.
(3)An auditor or actuary does not contravene any duty to which he is subject merely because he gives to [F25a regulator]—
(a)information on a matter concerning the authorised person [F26or recognised investment exchange] of which he has, or had, become aware in his capacity as auditor of, or actuary acting for, CL, or
if he is acting in good faith and he reasonably believes that the information or opinion is relevant to any functions of [F27that regulator].
(4)Subsection (3) applies whether or not the auditor or actuary is responding to a request from the [F28regulator].
(5)The Treasury may make regulations prescribing circumstances in which an auditor or actuary must communicate matters to [F29a regulator] as mentioned in subsection (3).
(6)It is the duty of an auditor or actuary to whom any such regulations apply to communicate a matter to [F29a regulator] in the circumstances prescribed by the regulations.
[F30(6A)If the authorised person concerned is a credit institution or an investment firm, and an auditor or actuary communicates a matter to a regulator in accordance with the regulations, the matter must be disclosed simultaneously to the management body of the authorised person, unless there are compelling reasons not to do so.]
(7)The matters to be communicated to [F29a regulator] in accordance with the regulations may include matters relating to persons other than the authorised person [F31or recognised investment exchange] concerned.
(8)CL has close links with the authorised person [F32or recognised investment exchange] concerned (“A”) if CL is—
(9)“Subsidiary undertaking” includes all the instances mentioned in Article 1(1) and (2) of the Seventh Company Law Directive in which an entity may be a subsidiary of an undertaking.
[F33(10)In subsection (6A) “credit institution” and “investment firm” have the same meaning as in Article 4(1) of the capital requirements regulation.]
F22Words in s. 343 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F23Words in s. 343(1)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F24Words in s. 343(1)(b) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F25Words in s. 343(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F26Words in s. 343(3) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F27Words in s. 343(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(3)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F28Word in s. 343(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F29Words in s. 343 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F30S. 343(6A) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 21(2)
F31Words in s. 343(7) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F32Words in s. 343(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 5(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F33S. 343(10) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 21(3)
C4Ss. 341-346 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 4 (with reg. 3)
I2S. 343 wholly in force at 1.12.2001; s. 343 not in force at Royal Assent see s. 431(2); s. 343(5) in force at 25.2.2001 by S.I. 2001/516, art. 2(a), Sch. Pt. 1; s. 343 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
344 Duty of auditor or actuary resigning etc. to give notice.U.K.
(1)This section applies to an auditor or actuary to whom section 342 applies.
(2)He must without delay notify the [F34appropriate regulator] if he—
(a)is removed from office by an authorised person [F35or recognised investment exchange];
(b)resigns before the expiry of his term of office with such a person; or
(c)is not re-appointed by such a person.
(3)If he ceases to be an auditor of, or actuary acting for, such a person, he must without delay notify the [F34appropriate regulator]—
(a)of any matter connected with his so ceasing which he thinks ought to be drawn to the [F36regulator's] attention; or
(b)that there is no such matter.
[F37(4)In this section “the appropriate regulator” means—
F34Words in s. 344 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 6(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F35Words in s. 344(2)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 6(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F36Word in s. 344(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 6(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F37S. 344(4) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 6(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
C5Ss. 341-346 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 4 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 155(6)(d) (with Sch. 2 para. 156))
[F38Disciplinary measuresU.K.
F38Ss. 345-345E and cross-heading substituted for s. 345 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 7(1) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
C6S. 345 applied (with modifications) (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Enforcement) Order 2013 (S.I. 2013/441), arts. 1(1), 14(4)
F39S. 345A(6) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 44 (with Sch. 3); S.I. 2017/43, reg. 2(g)
346 Provision of false or misleading information to auditor or actuary.U.K.
(1)An authorised person who knowingly or recklessly gives an appointed auditor or actuary information which is false or misleading in a material particular is guilty of an offence and liable—
(2)Subsection (1) applies equally to an officer, controller or manager of an authorised person.
(3)“Appointed” means appointed under or as a result of this Act.
C7Ss. 341-346 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 4 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 155(6)(d) (with Sch. 2 para. 156))