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—U.K.
(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.
Marginal Citations
M1Section 390B was inserted into the 1985 Act by section 121 of the Companies Act 1989 (c. 40).