GENE 9.7.3B Effect of group audit rotation arrangements

(1) This rule applies in relation to an authorised firm that is a member of a group.
(2) If the group has an arrangement for the rotation of auditors that the firm considers achieves the purposes of rule 9.7.3A, the firm must give the Regulatory Authority, in writing:
(a) details of the arrangement; and
(b) confirmation from the firm's governing body that the arrangement achieves the purposes of rule 9.7.3A.
(3) If the authority is satisfied that the arrangement achieves the purposes of rule 9.7.3A, the authority must give the firm written notice to that effect.
(4) Rule 9.7.3A does not apply to the firm while the notice is in effect.
(5) The firm must notify the authority in writing of any change in the arrangement.
(6) The authority may revoke a notice under subrule (3) if the authority considers that the arrangement no longer achieves the purposes of rule 9.7.3A (whether after receiving notification of a change or on any other basis).
Insterted by QFCRA RM/2017-3 (as from 1st April 2017).