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The Scottish and Northern Ireland Banknote Regulations 2009

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Scottish and Northern Ireland Banknote Regulations 2009 No. 3056

Independent reports

This section has no associated Explanatory Memorandum

15.—(1) The rules may require an authorised bank to provide the Bank of England with a report by an independent auditor on—

(a)the accuracy of the information or reports provided in accordance with rules made under regulations 13 and 14; and

(b)the adequacy of the methods used by the bank to calculate or obtain the information or compile the reports.

(2) The rules may require an authorised bank to provide the Bank of England with a report on any matter about which the Bank of England has required or may require the provision of information or a report under rules made under regulation 13 or 14.

(3) A report under rules made under paragraph (2) must be made by a person who—

(a)is nominated or approved by the Bank of England; and

(b)appears to the Bank of England to have the skills necessary to make a report on the matter concerned.

(4) A report under rules made under paragraph (1) or (2) must—

(a)relate to such period as may be specified either in the rules or by notice by the Bank of England to the authorised bank; and

(b)satisfy such other requirements as may be specified in the rules.

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