xmlns:atom="http://www.w3.org/2005/Atom"

SCHEDULE 2Amendments to primary and secondary legislation

PART 1Amendments to FSMA

20.—(1) Section 342 (information given by auditor or actuary to a regulator)(1) is amended as follows.

(2) After subsection (6) insert—

(6A) If the authorised person concerned is a credit institution or an investment firm, and an auditor or actuary communicates a matter to a regulator in accordance with the regulations, the matter must be disclosed simultaneously to the management body of the authorised person, unless there are compelling reasons not to do so..

(3) After subsection (7) insert—

(8) In subsection (6A) “credit institution” and “investment firm” have the same meaning as in Article 4(1) of the capital requirements regulation..

(1)

Section 342 was amended by Schedule 13, paragraphs 1, 4 to the Financial Services Act 2012 (c.21).