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.