Part 42Statutory Auditors
Chapter 6Supplementary and general
F1Cooperation with foreign competent authorities
1253B Requests from EEA competent authorities
F2(1)
The Secretary of State must take all necessary steps to—
(a)
ensure that an investigation is carried out, or
(b)
provide any other assistance or information,
if requested to do so by an EEA competent authority or a European supervisory authority (“the requesting authority”), in accordance with Article 36 of the Audit Directive (regulatory co-operation between Member States) or Article 31, 32 or 33 of the Audit Regulation.
(2)
Within 28 days following the date on which he receives the request, the Secretary of State must—
(a)
provide the assistance or information required by F3the requesting authority under subsection (1)(b), or
(b)
notify F4the requesting authority of the reasons why he has not done so.
(3)
But the Secretary of State need not take steps to comply with a request under subsection (1) if—
(a)
he considers that complying with the request may prejudice the sovereignty, security or public order of the United Kingdom;
(b)
legal proceedings have been brought in the United Kingdom (whether continuing or not) in relation to the persons and matters to which the request relates; or
(c)
disciplinary action has been taken by a recognised supervisory body in relation to the persons and matters to which the request relates.
F5(4)
In this section “European supervisory authority” means—
(a)
the European Securities and Markets Authority;
(b)
the European Banking Authority;
(c)
the European Insurance and Occupational Pensions Authority.