International Banking Order, 2000 · s 22

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

22.
Communications to the Authority by auditors
(1)
In the circumstances specified in subsection (2), an auditor of a licensee shall notify the Authority of any information which relates to the business or affairs of the licensee and of which he becomes aware-
1063

{a) in his capacity as auditor of the licensee or of a body with which it is closely linked; or
{b) in preparing any report under this Order.
(2)
The circumstances referred to in subsection (1) are those in which the information referred to in that subsection is -
{a) such as to give the auditor reasonable cause to believe, as regards the licensee concerned -
(i)
that there is or has been or may have been a failure to fulfil any of the criteria in section 5 and that the failure is likely to be of material significance;
(iiJ that its licence should be revoked, or the Authority should take any other action under section 23;
!iii)
that there is or has been, or may be or may have been, a contravention of any provision of this Order and that the contravention is likely to be of material significance; or
(iv)
that the continuous functioning of the licensee may be affected; or
{b) in a case where the auditor is the auditor of the licensee concerned, such as to lead to his refusal to certify the accounts or to the expression of reservations.
(3)
In subsection (2),
"of material significance" means of material significance for the exercise of the Authority's functions under this Order.
(4)
No duty to which an auditor of a licensee may be subject shall be regarded as contravened by reason of his communicating in good faith to the
Authority, whether or not in response to a request made by the Authority, any information of which he becomes aware or opinion that he may form in his capacity as auditor and which-
{a) relates to the business or affairs of the licensee or of a body with which the licensee is closely linked; and
{b) is relevant to any function of the Authority under this Order.
(5)
Subsection j5) of section 5 shall have effect for the construction of references in this section to a body with which a licensee is closely linked.
1064

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 22Communications to the Authority by auditors

(1)

In the circumstances specified in subsection (2), an auditor of a licensee shall notify the Authority of any information which relates to the business or affairs of the licensee and of which he becomes aware-

1063

{a) in his capacity as auditor of the licensee or of a body with which it is closely linked; or

{b) in preparing any report under this Order.

(2)

The circumstances referred to in subsection (1) are those in which the information referred to in that subsection is -

{a) such as to give the auditor reasonable cause to believe, as regards the licensee concerned -

(i)

that there is or has been or may have been a failure to fulfil any of the criteria in section 5 and that the failure is likely to be of material significance;

(iiJ that its licence should be revoked, or the Authority should take any other action under section 23;

!iii)

that there is or has been, or may be or may have been, a contravention of any provision of this Order and that the contravention is likely to be of material significance; or

(iv)

that the continuous functioning of the licensee may be affected; or

{b) in a case where the auditor is the auditor of the licensee concerned, such as to lead to his refusal to certify the accounts or to the expression of reservations.

(3)

In subsection (2),

"of material significance" means of material significance for the exercise of the Authority's functions under this Order.

(4)

No duty to which an auditor of a licensee may be subject shall be regarded as contravened by reason of his communicating in good faith to the

Authority, whether or not in response to a request made by the Authority, any information of which he becomes aware or opinion that he may form in his capacity as auditor and which-

{a) relates to the business or affairs of the licensee or of a body with which the licensee is closely linked; and

{b) is relevant to any function of the Authority under this Order.

(5)

Subsection j5) of section 5 shall have effect for the construction of references in this section to a body with which a licensee is closely linked.

1064