UK:
Enforcement Powers Over Auditors And Actuaries Granted To UK Regulators
16 February 2015
Shearman & Sterling LLP
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On January 27, 2015, HM Treasury published the Financial
Services and Markets Act 2000 (Regulation of Auditors and
Actuaries) (PRA Specified Powers) Order 2015 (the
"Order") together with an explanatory memorandum. The
Order gives effect to enforcement powers previously granted to the
PRA over auditors and actuaries under the Financial Services Act
2012 (the "Act"). The PRA was not able to use these
powers until HM Treasury granted effect to those powers under this
Order. The Order allows the PRA to apply dissuasive sanctions such
as monetary fines or disqualification measures on auditors and
actuaries that breach PRA rules or statutory duties. The PRA
intends to issue further guidance on the use of these enforcement
powers following a consultation. The Order enters into force on
February 20, 2015.
The Order and explanatory memorandum are available at:
http://www.legislation.gov.uk/uksi/2015/61/pdfs/uksi_20150061_en.pdf
and
http://www.legislation.gov.uk/uksi/2015/61/pdfs/uksiem_20150061_en.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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