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Article 3 Circumstances in which auditor is to communicate

Original text. Later amendments are not shown.

(1)

Matters are to be communicated to the relevant regulator by an auditor in the circumstances specified in paragraph (2) below.

(2)

The circumstances referred to in paragraph (1) above are ones in which the auditor has reasonable cause to believe that the matter is or is likely to be of material significance for determining either—

(a)

whether a person is a fit and proper person to carry on investment business; or

(b)

whether disciplinary action should be taken, or powers of intervention exercised, in order to protect investors from a significant risk of loss.