Financial Services and Markets Act 2000

[F1 Auditors U.K.

Textual Amendments

F1 Sch. 17A 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), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

18 (1) Section 342 (information given by auditor to a regulator) applies in relation to a relevant auditor as if— U.K.

(a) the references in that section to a recognised investment exchange were to a recognised clearing house [F2 or a recognised CSD],

(b) in the case of an auditor of a recognised clearing house [F2 or a recognised CSD] which is also an authorised person or recognised investment exchange, the references to a regulator included the Bank, and

(c) in the case of an auditor of a recognised clearing house [F2 or a recognised CSD] not falling within paragraph (b), the references to a regulator were to the Bank.

(2) A “relevant auditor” is a person who is, or has been, an auditor of a recognised clearing house [F2 or a recognised CSD] appointed under or as a result of a statutory provision [F3 , the EMIR regulation or the CSD regulation].

Textual Amendments

F2 Words in Sch. 17A para. 18 inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(h)(i) (with regs. 7(4), 9(1))

F3 Words in Sch. 17A para. 18(2) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(h)(ii) (with regs. 7(4), 9(1))

19 (1) Section 343 (information given by auditor: person with close links) applies in relation to a relevant auditor as if— U.K.

(a) the references in that section to a recognised investment exchange were to a recognised clearing house [F4 or a recognised CSD],

(b) in the case of an auditor of a recognised clearing house [F4 or a recognised CSD] which is an authorised person or which is a recognised investment exchange, the references to a regulator included the Bank, and

(c) in the case of an auditor of a recognised clearing house [F4 or a recognised CSD] not falling within paragraph (b), the references to a regulator were to the Bank.

(2) A “relevant auditor” is a person who—

(a) is, or has been, an auditor of a recognised clearing house [F4 or a recognised CSD] appointed under or as a result of a statutory provision [F5 , the EMIR regulation or the CSD regulation], and

(b) is, or has been, an auditor of a person who has close links with the recognised clearing house [F6 or the recognised CSD].

Textual Amendments

F4 Words in Sch. 17A para. 19 inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(i)(i) (with regs. 7(4), 9(1))

F5 Words in Sch. 17A para. 19(2)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(i)(ii) (with regs. 7(4), 9(1))

F6 Words in Sch. 17A para. 19(2)(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(i)(iii) (with regs. 7(4), 9(1))

20 U.K. Section 344 (duty of auditor resigning to give notice) applies to an auditor to whom section 342 applies (whether by virtue of paragraph 18 or otherwise) as if—

(a) the references in that section to a recognised investment exchange were to a recognised clearing house [F7 or a recognised CSD],

(b) in the case of an auditor of a recognised clearing house [F7 or a recognised CSD] which is neither an authorised person nor a recognised investment exchange, the reference in the definition of “the appropriate regulator” to the FCA were a reference to the Bank,

(c) in the case of an auditor of a recognised clearing house [F7 or a recognised CSD] which is a PRA-authorised person, the reference in the definition of “the appropriate regulator” to the PRA were a reference to the PRA and the Bank, and

(d) in the case, not falling within paragraph (c), of an auditor of a recognised clearing house [F7 or a recognised CSD] which is an authorised person or which is a recognised investment exchange, the reference in the definition of “the appropriate regulator” to the FCA were a reference to the FCA and the Bank.

Textual Amendments

F7 Words in Sch. 17A para. 20 inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(j) (with regs. 7(4), 9(1))

21 U.K. Sections 345A to 345E apply to auditors to whom section 342 applies only by virtue of paragraph 18 as if—

(a) the references in those sections to an auditor or actuary to whom section 342 applies were to an auditor to whom section 342 applies by virtue of paragraph 18,

(b) the references in those sections to a PRA-authorised person were to a recognised clearing house [F8 or a recognised CSD],

(c) in a case where the Bank disqualifies a person from being an auditor of a recognised clearing house [F8 or a recognised CSD] that is also a recognised investment exchange, section 345A(5)(a) required the Bank to notify the FCA, and

(d) the references in sections 345D and 345E to a regulator included the Bank.]

Textual Amendments

F8 Words in Sch. 17A para. 21 inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(k) (with regs. 7(4), 9(1))