Part XXII

Auditors and Actuaries

Information

Information given by auditor or actuary to the Authority: persons with close links
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1
This section applies to a person who—
a
is, or has been, an auditor of an authorised person appointed under or as a result of a statutory provision; and
b
is, or has been, an auditor of a person (“CL”) who has close links with the authorised person.
2
This section also applies to a person who—
a
is, or has been, an actuary acting for an authorised person and appointed under or as a result of a statutory provision; and
b
is, or has been, an actuary acting for a person (“CL”) who has close links with the authorised person.
3
An auditor or actuary does not contravene any duty to which he is subject merely because he gives to the Authority—
a
information on a matter concerning the authorised person of which he has, or had, become aware in his capacity as auditor of, or actuary acting for, CL, or
b
his opinion on such a matter,
if he is acting in good faith and he reasonably believes that the information or opinion is relevant to any functions of the Authority.
4
Subsection (3) applies whether or not the auditor or actuary is responding to a request from the Authority.
5
The Treasury may make regulations prescribing circumstances in which an auditor or actuary must communicate matters to the Authority as mentioned in subsection (3).
6
It is the duty of an auditor or actuary to whom any such regulations apply to communicate a matter to the Authority in the circumstances prescribed by the regulations.
7
The matters to be communicated to the Authority in accordance with the regulations may include matters relating to persons other than the authorised person concerned.
8
CL has close links with the authorised person concerned (“A”) if CL is—
a
a parent undertaking of A;
b
a subsidiary undertaking of A;
c
a parent undertaking of a subsidiary undertaking of A; or
d
a subsidiary undertaking of a parent undertaking of A.
9
“Subsidiary undertaking” includes all the instances mentioned in Article 1(1) and (2) of the Seventh Company Law Directive in which an entity may be a subsidiary of an undertaking.