Financial Services and Markets Bill - continued        House of Lords

back to previous text
Disqualification.     338. - (1) If it appears to the Authority that an auditor or actuary to whom section 335 applies has failed to comply with a duty imposed on him under this Act, it may disqualify him from being the auditor of, or (as the case may be) from acting as an actuary for, any authorised person or any particular class of authorised person.
      (2) If the Authority proposes to disqualify a person under this section it must give him a warning notice.
      (3) If it decides to disqualify him it must give him a decision notice.
      (4) The Authority may remove any disqualification imposed under this section if satisfied that the disqualified person will in future comply with the duty in question.
      (5) A person who has been disqualified under this section may refer the matter to the Tribunal.
Provision of false or misleading information to auditor or actuary.     339. - (1) An authorised person who knowingly or recklessly gives an appointed auditor or actuary information which is false or misleading in a material particular is guilty of an offence and liable-
    (a) on summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum, or both;
    (b) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.
      (2) Subsection (1) applies equally to an officer, controller or manager of an authorised person.
      (3) "Appointed" means appointed under or as a result of this Act.
previous section contents continue
House of Lords home page Houses of Parliament home page House of Commons home page search page enquiries index

© Parliamentary copyright 2000
Prepared 10 May 2000