SCHEDULE 5 AUDITORS
Eligibility
2
1
A person is ineligible for appointment as auditor of an open-ended investment company if he is—
a
an officer or employee of the company; or
b
a partner or employee of such a person, or a partnership of which such a person is a partner.
2
For the purposes of sub-paragraph (1), an auditor of a company is not to be regarded as an officer or employee of the company.
F13
A person is also ineligible for appointment if there exists between that person, or any associate of that person, and the company a connection of any such description as may be specified by regulations made by the Secretary of State under section 1214(4) of the Companies Act 2006.
4
In sub-paragraph (3) “associate” has the same meaning as in Part 42 of that Act (see section 1260 of that Act).
5
The power of the Secretary of State to make regulations under section 1214(4) of that Act for the purposes of subsection (1) of that section in relation to statutory auditors is exercisable, subject to the same conditions, for the purposes of sub-paragraph (3) above in relation to auditors of open-ended investment companies.