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SCHEDULE 5U.K. AUDITORS

RemunerationU.K.

11.—(1) Subject to sub-paragraph (2), the power of the Secretary of State to make regulations under [F1section 494 of the Companies Act 2006] (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 [F2section 494 of the Companies Act 2006], as extended by sub-paragraph (1), the reference in [F3section 494(4)] 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.