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10.—(1) Section 109 of the Financial Services Act (communication by auditor with supervisory bodies) shall have effect as if—
(a)the reference in subsection (1) to an auditor of an authorised person included—
(i)a reference to an auditor of a body with which a qualifying person is closely linked by control who is also an auditor of that person; and
(ii)a reference to an auditor of a qualifying undertaking;
(b)the second reference in that subsection to the authorised person, and the reference in subsection (3) to that person, included a reference to such a body or undertaking.
(2) In this regulation—
“qualifying person” means a UK investment firm, or a trustee or manager of a qualifying undertaking;
“qualifying undertaking” means an undertaking to which the UCITS Directive applies and which is, within the meaning of that Directive, situated in the United Kingdom;
“trustee&” mdash;
in relation to a qualifying undertaking which is a unit trust scheme, means the person holding the property in question on trust for the participants;
in relation to any other qualifying undertaking, means any person who (whether or not under a trust) is entrusted with the custody of the property in question;
“the UCITS Directive” means the Council Directive of 20th December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No. 85/611/EEC);
“UK investment firm” has the same meaning as in the Investment Services Regulations 1995;
and other expressions which are also used in the Financial Services Act have the same meanings as in that Act.
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