PART IVFINANCIAL SERVICES

Communication by auditor with supervisory bodies10

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;

    1. a

      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;

    2. b

      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.