SCHEDULE 2Amendments to primary and secondary legislation

PART 1Amendments to FSMA

21

1

Section 343 (information given by auditor or actuary to a regulator: persons with close links) M1 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 (9) insert—

10

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