SCHEDULES
SCHEDULE 13Auditors and actuaries
I13
1
Section 340 (appointment) is amended as follows.
2
In subsection (1), for “Rules may require” substitute “
The appropriate regulator may make rules requiring
”
.
3
In subsection (2), for “Rules may require” substitute “
The appropriate regulator may make rules requiring
”
.
4
For subsection (3) substitute—
3A
The PRA—
a
must make rules imposing on auditors of PRA-authorised persons such duties as may be specified in relation to co-operation with the PRA in connection with the supervision by the PRA of PRA-authorised persons, and
b
may make rules—
i
imposing such other duties on auditors of PRA-authorised persons as may be specified, and
ii
imposing such duties on actuaries acting for PRA-authorised persons as may be specified.
3B
The FCA may make rules imposing on auditors of, or actuaries acting for, authorised persons such duties as may be specified.
5
In subsection (4), for “Authority”, in each place, substitute “
regulator making the rules
”
.
6
In subsection (5), for “(3)” substitute “
(3A) or (3B)
”
.
7
After subsection (5) insert—
5A
In subsections (1) and (2) “the appropriate regulator” means—
a
in the case of a PRA-authorised person, the PRA;
b
in any other case, the FCA.
8
In subsection (6), for “(3)” substitute “
(3B)
”
.
9
After subsection (7) insert—
8
The powers conferred by this section enable only the making of such rules as appear to the regulator making them to be necessary or expedient—
a
in the case of the FCA, for the purpose of advancing one or more of its operational objectives, or
b
in the case of the PRA, for the purpose of advancing any of its objectives.