(1) Part 22 of FSMA 2000 (auditors and actuaries) is amended as follows.
(2) After section 339A insert -
"339B Duty to meet auditors of certain institutions
(1) The FCA must make arrangements for meetings to take place at least once a year between -
(a) the FCA, and
(b) the auditor of any PRA-authorised person to which section 339C applies.
(2) The PRA must make arrangements for meetings to take place at least once a year between -
(a) the PRA, and
(b) the auditor of any PRA-authorised person to which section 339C applies.
(3) The annual report of each regulator must include the number of meetings that have taken place during the period to which the report relates between the regulator and auditors of PRA-authorised persons to which section 339C applies.
(4) In subsection (3) "the annual report" means -
(a) in relation to the FCA, every report which it is required by paragraph 11 of Schedule 1ZA to make to the Treasury, and
(b) in relation to the PRA, every report which it is required
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