Regulation 3 Matters to be communicated to the Bank

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 3(1) word substituted by Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) 1998 Sch. 1 para. 14(3)(a)
reg. 3(2)(b) word substituted by Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) 1998 Sch. 1 para. 14(3)(b)
reg. 3 modified (temp.) by Financial Institutions (Prudential Supervision) 1996 Sch. 4 para. 1

(1)

Matters are to be communicated to the Bank by an auditor or reporting accountant in the circumstances specified in paragraph (2) below.

(2)

The circumstances referred to in paragraph (1) above are circumstances in which the matters are such as to give an auditor or reporting accountant reasonable cause to believe—

(a)

that any of the criteria specified in Schedule 3 to the Act^f1 is not or has not been fulfilled, or may not be or may not have been fulfilled, in respect of the authorised institution of which he is an auditor or the institution or authorised institution in relation to which his reporting accountant’s report is made, as the case may be; and

(b)

that the matters are likely to be of material significance for the exercise, in relation to such an institution or authorised institution, of the Bank’s functions under the Act or under the Regulations.

Annotations

Footnotes

f1: Schedule 3 was amended by regulation 27 of the Banking Coordination (Second Council Directive) Regulations 1992 (S.I.1992/3218).