S. 134 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

http://www.legislation.gov.uk/ukpga/2013/33/part/7/crossheading/meetings-with-auditors/2018-07-13Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2018-07-13PART 7MiscellaneousMeetings with auditors
134Duty to meet auditors of certain institutions1

Part 22 of FSMA 2000 (auditors and actuaries) is amended as follows.

2

After section 339A insert—

339B Duty to meet auditors of certain institutions1

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

b

the auditor of any PRA-authorised person to which section 339C applies.

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.

339CPRA-authorised persons to which this section applies1

This section applies to a PRA-authorised person which—

a

is a UK institution,

b

meets condition A or B,

c

is not an insurer or a credit union, and

d

is, in the opinion of the PRA, important to the stability of the UK financial system.

2

Condition A is that the person has permission under Part 4A to carry on the regulated activity of accepting deposits.

3

Condition B is that—

a

the person is an investment firm that has permission under Part 4A to carry on the regulated activity of dealing in investments as principal, and

b

when carried on by the person, that activity is a PRA-regulated activity.

4

In this section—

a

UK institution” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom;

b

insurer” means an institution which is authorised under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal;

c

credit union” means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985.

5

Subsections (2), (3) and (4)(b) are to be read in accordance with Schedule 2, taken together with any order under section 22.

3

The italic cross-heading before section 339A becomes General duties of regulator.

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<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/134">S. 134</ref>
in force at 1.3.2014 by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377">S.I. 2014/377</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/a">art. 2(1)(a)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/1">Sch. Pt. 1</ref>
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<strong>PART 7</strong>
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<heading>Miscellaneous</heading>
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<em>Meetings with auditors</em>
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134
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<p>Part 22 of FSMA 2000 (auditors and actuaries) is amended as follows.</p>
</content>
</subsection>
<subsection eId="section-134-2">
<num>2</num>
<content>
<p>After section 339A insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown main default" startQuote="" endQuote="">
<section eId="d4e171">
<num>339B</num>
<heading> Duty to meet auditors of certain institutions</heading>
<subsection eId="d4e175">
<num>1</num>
<intro>
<p>The FCA must make arrangements for meetings to take place at least once a year between—</p>
</intro>
<paragraph eId="d4e181">
<num>a</num>
<content>
<p>the FCA, and</p>
</content>
</paragraph>
<paragraph eId="d4e187">
<num>b</num>
<content>
<p>the auditor of any PRA-authorised person to which section 339C applies.</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e193">
<num>2</num>
<intro>
<p>The PRA must make arrangements for meetings to take place at least once a year between—</p>
</intro>
<paragraph eId="d4e199">
<num>a</num>
<content>
<p>the PRA, and</p>
</content>
</paragraph>
<paragraph eId="d4e205">
<num>b</num>
<content>
<p>the auditor of any PRA-authorised person to which section 339C applies.</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e211">
<num>3</num>
<content>
<p>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.</p>
</content>
</subsection>
<subsection eId="d4e217">
<num>4</num>
<intro>
<p>
In subsection (3) “
<term refersTo="#term-the-annual-report">the annual report</term>
” means—
</p>
</intro>
<paragraph eId="d4e226">
<num>a</num>
<content>
<p>in relation to the FCA, every report which it is required by paragraph 11 of Schedule 1ZA to make to the Treasury, and</p>
</content>
</paragraph>
<paragraph eId="d4e232">
<num>b</num>
<content>
<p>in relation to the PRA, every report which it is required by paragraph 19 of Schedule 1ZB to make to the Treasury.</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e238">
<num>5</num>
<content>
<p>
In this section “
<term refersTo="#term-auditor">auditor</term>
” means an auditor appointed under or as a result of a statutory provision.
</p>
</content>
</subsection>
</section>
<section eId="d4e250">
<num>339C</num>
<heading>PRA-authorised persons to which this section applies</heading>
<subsection eId="d4e254">
<num>1</num>
<intro>
<p>This section applies to a PRA-authorised person which—</p>
</intro>
<paragraph eId="d4e260">
<num>a</num>
<content>
<p>
is a
<abbr class="Acronym" title="United Kingdom">UK</abbr>
institution,
</p>
</content>
</paragraph>
<paragraph eId="d4e269">
<num>b</num>
<content>
<p>meets condition A or B,</p>
</content>
</paragraph>
<paragraph eId="d4e275">
<num>c</num>
<content>
<p>is not an insurer or a credit union, and</p>
</content>
</paragraph>
<paragraph eId="d4e281">
<num>d</num>
<content>
<p>
is, in the opinion of the PRA, important to the stability of the
<abbr class="Acronym" title="United Kingdom">UK</abbr>
financial system.
</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e290">
<num>2</num>
<content>
<p>Condition A is that the person has permission under Part 4A to carry on the regulated activity of accepting deposits.</p>
</content>
</subsection>
<subsection eId="d4e296">
<num>3</num>
<intro>
<p>Condition B is that—</p>
</intro>
<paragraph eId="d4e302">
<num>a</num>
<content>
<p>the person is an investment firm that has permission under Part 4A to carry on the regulated activity of dealing in investments as principal, and</p>
</content>
</paragraph>
<paragraph eId="d4e308">
<num>b</num>
<content>
<p>when carried on by the person, that activity is a PRA-regulated activity.</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e314">
<num>4</num>
<intro>
<p>In this section—</p>
</intro>
<paragraph eId="d4e320">
<num>a</num>
<content>
<p>
<term refersTo="#term-uk-institution">
<abbr class="Acronym" title="United Kingdom">UK</abbr>
institution
</term>
” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom;
</p>
</content>
</paragraph>
<paragraph eId="d4e331">
<num>b</num>
<content>
<p>
<term refersTo="#term-insurer">insurer</term>
” means an institution which is authorised under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal;
</p>
</content>
</paragraph>
<paragraph eId="d4e340">
<num>c</num>
<content>
<p>
<term refersTo="#term-credit-union">credit union</term>
” means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985.
</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e349">
<num>5</num>
<content>
<p>Subsections (2), (3) and (4)(b) are to be read in accordance with Schedule 2, taken together with any order under section 22.</p>
</content>
</subsection>
</section>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-134-3">
<num>3</num>
<content>
<p>
The italic cross-heading before section 339A becomes
<mod>
<quotedText>
<em>General duties of regulator</em>
</quotedText>
</mod>
.
</p>
</content>
</subsection>
</section>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>