SCHEDULE 5 AUDITORS
Remuneration
11
1
Subject to sub-paragraph (2), the power of the Secretary of State to make regulations under section 390B of the 1985 Act M1 (remuneration of auditors or their associates for non-audit work) in relation to company auditors is to be exercisable in relation to auditors of open-ended investment companies—
a
for like purposes; and
b
subject to the same conditions.
2
For the purposes of the exercise of the power to make regulations under section 390B of the 1985 Act, as extended by sub-paragraph (1), the reference in section 390B(3) to a note to a company’s accounts is to be taken to be a reference to the annual report of an open-ended investment company.