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Part XXIIU.K. Auditors and Actuaries

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))

InformationU.K.

343 Information given by auditor or actuary to [F1a 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 [F2or 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 [F3or 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 [F4a regulator]—

(a)information on a matter concerning the authorised person [F5or 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 [F6that regulator].

(4)Subsection (3) applies whether or not the auditor or actuary is responding to a request from the [F7regulator].

(5)The Treasury may make regulations prescribing circumstances in which an auditor or actuary must communicate matters to [F8a 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 [F8a regulator] in the circumstances prescribed by the regulations.

[F9(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 [F8a regulator] in accordance with the regulations may include matters relating to persons other than the authorised person [F10or recognised investment exchange] concerned.

(8)CL has close links with the authorised person [F11or 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.

F12(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F13(10)In subsection (6A) [F14“investment firm” has] the same meaning as in Article 4(1) of the capital requirements regulation.]

Textual Amendments

F1Words 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.

Modifications etc. (not altering text)

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)

C3S. 343 applied (with modifications) (3.1.2018) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(b), 34

C4Ss. 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)

C6S. 343 applied (with modifications) (10.6.2019) by The Proxy Advisors (Shareholders Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 20, 23

Commencement Information

I1S. 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)