SCHEDULES

SCHEDULE 18Further minor and consequential amendments

PART 1Amendments of FSMA 2000

I1I210

1

Section 249 (disqualification of auditor for breach of trust scheme rules) is amended as follows.

2

In subsection (1) for the words from “it may” to the end substitute

it may do one or more of the following—

a

disqualify the auditor from being the auditor of any authorised unit trust scheme or authorised open-ended investment company;

b

publish a statement to the effect that it appears to the FCA that the auditor has failed to comply with the duty;

c

impose on the auditor a penalty, payable to the FCA, of such amount as the FCA considers appropriate.

3

For subsection (2) substitute—

2

Sections 345B to 345E have effect in relation to the taking of action under subsection (1) as they have effect in relation to the taking of action under section 345(2).

4

For the heading substitute “ Disciplinary measures ”.