1 FSMA 2000 is amended as follows.
2 In Part 22 (auditors and actuaries), before section 340 (and the italic heading immediately before it) insert -
"General duties of PRA
339A General duties of PRA in relation to auditors
(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 think
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