Paragraph 11

Subject to sub-paragraph (2), the power of the Secretary of State to make regulations under F1section 494 of the Companies Act 2006 (remuneration of auditors or their associates for non-audit work) in relation to company auditors is to be exercisable in relation to auditors of open-ended investment companies—

For the purposes of the exercise of the power to make regulations under F2section 494 of the Companies Act 2006, as extended by sub-paragraph (1), the reference in F3section 494(4) to a note to a company’s accounts is to be taken to be a reference to the annual report of an open-ended investment company.