Financial Services and Markets Act 2000

Information U.K.

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.

Modifications etc. (not altering text)

C1 Ss. 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)

C2 Ss. 341-346 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 7 (with reg. 3)

342 Information given by auditor or actuary to [F1 a regulator]. U.K.

(1) This section applies to a person who is, or has been, an auditor of an authorised person [F2 or 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 [F3 a 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 [F4 or 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 [F5 that regulator].

(4) Subsection (3) applies whether or not the auditor or actuary is responding to a request from the [F6 regulator].

(5) The Treasury may make regulations prescribing circumstances in which an auditor or actuary must communicate matters to [F7 a 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 [F7 a regulator] in the circumstances prescribed by the regulations.

[F8 (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 [F7 a regulator] in accordance with the regulations may include matters relating to persons other than the authorised person [F9 or recognised investment exchange] concerned.

[F10 (8) In subsection (6A) “credit institution” and “investment firm” have the same meaning as in Article 4(1) of the capital requirements regulation.]

Textual Amendments

F1 Words 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.

F2 Words 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.

F3 Words 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.

F4 Words 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.

F5 Words 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.

F6 Word 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.

F7 Words 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.

F8 S. 342(6A) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 20(2)

F9 Words 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.

F10 S. 342(8) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 20(3)

Modifications etc. (not altering text)

C2 Ss. 341-346 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 7 (with reg. 3)

C3 Ss. 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)

C4 S. 342 applied (with modifications) (3.1.2018) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(b), 34

C5 S. 342 applied (with modifications) (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 20

Commencement Information

I1 S. 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 [F11 a regulator]: persons with close links. U.K.

(1) This section applies to a person who—

(a) is, or has been, an auditor of an authorised person [F12 or 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 [F13 or recognised investment exchange].

(2) This section also applies to a person who—

(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 [F14 a regulator]—

(a) information on a matter concerning the authorised person [F15 or recognised investment exchange] of which he has, or had, become aware in his capacity as auditor of, or actuary acting for, CL, 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 [F16 that regulator].

(4) Subsection (3) applies whether or not the auditor or actuary is responding to a request from the [F17 regulator].

(5) The Treasury may make regulations prescribing circumstances in which an auditor or actuary must communicate matters to [F18 a 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 [F18 a 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 [F18 a regulator] in accordance with the regulations may include matters relating to persons other than the authorised person [F20 or recognised investment exchange] concerned.

(8) CL has close links with the authorised person [F21 or recognised investment exchange] concerned (“A”) if CL is—

(a) a parent undertaking of A;

(b) a subsidiary undertaking of A;

(c) a parent undertaking of a subsidiary undertaking of A; or

(d) a subsidiary undertaking of a parent undertaking of A.

(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.

[F22 (10) In subsection (6A) “credit institution” and “investment firm” have the same meaning as in Article 4(1) of the capital requirements regulation.]

Textual Amendments

F11 Words 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.

F12 Words 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.

F13 Words 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.

F14 Words 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.

F15 Words 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.

F16 Words 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.

F17 Word 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.

F18 Words 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.

F19 S. 343(6A) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 21(2)

F20 Words 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.

F21 Words 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.

F22 S. 343(10) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 21(3)

Modifications etc. (not altering text)

C2 Ss. 341-346 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 7 (with reg. 3)

C6 Ss. 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)

C7 S. 343 applied (with modifications) (3.1.2018) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(b), 34

C8 S. 343 applied (with modifications) (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 20

Commencement Information

I2 S. 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 [F23 appropriate regulator] if he—

(a) is removed from office by an authorised person [F24 or 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 [F23 appropriate regulator]—

(a) of any matter connected with his so ceasing which he thinks ought to be drawn to the [F25 regulator's] attention; or

(b) that there is no such matter.

[F26 (4) In this section “the appropriate regulator” means—

(a) in the case of an auditor of, or an actuary acting for, a PRA-authorised person, the PRA;

(b) in any other case, the FCA.]

Textual Amendments

F23 Words 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.

F24 Words 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.

F25 Word 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.

F26 S. 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.

Modifications etc. (not altering text)

C2 Ss. 341-346 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 7 (with reg. 3)

C9 Ss. 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))

C10 S. 344 applied (with modifications) (3.1.2018) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(b), 34

C11 S. 344 applied (with modifications) (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 20