Section 339A General duties of PRA in relation to auditorsF1

(1)

The arrangements maintained by the PRA under section 2K (supervision of PRA-authorised persons) must include arrangements for—

(a)

the sharing with auditors of PRA-authorised persons of information that the PRA is not prevented from disclosing, and

(b)

the exchange of opinions with auditors of PRA-authorised persons.

(2)

The PRA must issue and maintain a code of practice describing how it will comply with subsection (1).

(3)

The PRA may at any time alter or replace a code issued under this section.

(4)

If a code is altered or replaced, the PRA must issue the altered or replacement code.

(5)

When the PRA issues a code under this section the PRA must—

(a)

give a copy of the code to the Treasury, and

(b)

publish the code in such manner as the PRA thinks fit.

(6)

The Treasury must lay before Parliament a copy of the code.

(7)

“Auditor” means an auditor appointed under or as a result of a statutory provision.

Annotations

F1: S. 339A and cross-heading inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 2 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

C1: Pt. 22 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(b), 62, Sch. 3 para. 5 (with reg. 3) (as amended (1.4.2013) by S.I. 2013/472, Sch. 2 para. 196(5)(e) and (18.9.2023) by S.I. 2023/790, regs. 1(2)(a), 2(3)(b))

F2: S. 339A cross-heading substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 134(3), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1