Section 343

This section applies to a person who— is, or has been, an auditor of an authorised person or recognised investment exchange, appointed under or as a result of a statutory provision; and is, or has been, an auditor of a person (“CL”) who has close links with the authorised person or recognised investment exchange. This section also applies to a person who— is, or has been, an actuary acting for an authorised person and appointed under or as a result of a statutory provision; and is, or has been, an actuary acting for a person (“CL”) who has close links with the authorised person. An auditor or actuary does not contravene any duty to which he is subject merely because he gives to a regulator— if he is acting in good faith and he reasonably believes that the information or opinion is relevant to any functions of that regulator. information on a matter concerning the authorised person or recognised investment exchange of which he has, or had, become aware in his capacity as auditor of, or actuary acting for, CL, or his opinion on such a matter, Subsection (3) applies whether or not the auditor or actuary is responding to a request from the regulator. The Treasury may make regulations prescribing circumstances in which an auditor or actuary must communicate matters to a regulator as mentioned in subsection (3). It is the duty of an auditor or actuary to whom any such regulations apply to communicate a matter to a regulator in the circumstances prescribed by the regulations. 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. The matters to be communicated to a regulator in accordance with the regulations may include matters relating to persons other than the authorised person or recognised investment exchange concerned. CL has close links with the authorised person or recognised investment exchange concerned (“A”) if CL is— a parent undertaking of A; a subsidiary undertaking of A; a parent undertaking of a subsidiary undertaking of A; or a subsidiary undertaking of a parent undertaking of A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In subsection (6A) “investment firm” has the same meaning as in Article 4(1) of the capital requirements regulation.

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Source: legislation.gov.uk · retrieved 2026-09-04