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Modifications etc. (not altering text)
C1Pt. 22 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(b), 62, Sch. 3 para. 5 (with reg. 3) (as amended (1.4.2013) by S.I. 2013/472, Sch. 2 para. 196(5)(e) and (18.9.2023) by S.I. 2023/790, regs. 1(2)(a), 2(3)(b))
(1)Rules may require an authorised person, or an authorised person falling within a specified class—
(a)to appoint an auditor, or
(b)to appoint an actuary,
if he is not already under an obligation to do so imposed by another enactment.
(2)Rules may require an authorised person, or an authorised person falling within a specified class—
(a)to produce periodic financial reports; and
(b)to have them reported on by an auditor or an actuary.
(3)Rules may impose such other duties on auditors of, or actuaries acting for, authorised persons as may be specified.
(4)Rules under subsection (1) may make provision—
(a)specifying the manner in which and time within which an auditor or actuary is to be appointed;
(b)requiring the Authority to be notified of an appointment;
(c)enabling the Authority to make an appointment if no appointment has been made or notified;
(d)as to remuneration;
(e)as to the term of office, removal and resignation of an auditor or actuary.
(5)An auditor or actuary appointed as a result of rules under subsection (1), or on whom duties are imposed by rules under subsection (3)—
(a)must act in accordance with such provision as may be made by rules; and
(b)is to have such powers in connection with the discharge of his functions as may be provided by rules.
(6)In subsections (1) to (3) “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.
(7)“Specified” means specified in rules.