The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019
2019 No. 1392
Exiting The European Union
Auditors
Companies
The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019
Made 23th October 2019
Coming into force in accordance with regulation 1(2)
The Secretary of State makes the following Regulations in exercise of the powers conferred by section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 20181, section 104(1) of the Deregulation Act 20152, sections 484(1) and 1292(1) of the Companies Act 20063and sections 15 and 17 of the Limited Liability Partnerships Act 20004.
In accordance with paragraph 1(3) of Schedule 7 to the European Union (Withdrawal) Act 2018, sections 484(3) and 1290 of the Companies Act 2006 and section 17(4) of the Limited Liability Partnerships Act 2000, a draft of this instrument has been laid before Parliament and approved by a resolution of each House of Parliament.
PART 1
Introductory
Citation and commencement
1.—(1) These Regulations may be cited as the Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019.
(2) These Regulations come into force immediately before exit day, except for regulations 2 and 3 which come into force 21 days after the day on which these Regulations are made.
PART 2
Amendments to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019
2. The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 20195are amended in accordance with this Part.
3. In regulation 2, for “Part 5 which comes into force 21 days after the day on which it is made” substitute—
“—
(a)
(a) regulation 14, which comes into force 21 days after the day on which the Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 are made; and
(b)
(b) Part 5, which comes into force on 22 February 2019”.
4. For regulation 4 substitute—
“4. In section 479A (subsidiary companies: conditions for exemption from audit)6—
(a) in subsection (1)(b), for “an EEA State” substitute “any part of the United Kingdom”;
(b) in subsection (2)(c), for sub-paragraph (i) substitute—
“(i) if the undertaking is a company, the requirements of Part 15 of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or”.
4A. In section 479C(2) (subsidiary companies audit exemption: parent undertaking declaration of guarantee)7—
(a) for paragraph (b) substitute—
“(b) the registered number (if any) of the parent undertaking,”;
(b) omit paragraph (c).”.
5. In regulation 16, after paragraph (b) insert—
“(c)
“(c) in subsection (4)(b)—
(i) for “UK-traded non-EEA company” substitute “UK-traded third country company”;
(ii) for “UK-traded non-EEA companies” substitute “UK-traded third country companies”;
(d)
(d) in subsection (4)(c)—
(i) for “UK-traded non-EEA company” substitute “UK-traded third country company”;
(ii) for “UK-traded non-EEA companies” substitute “UK-traded third country companies”.”.
6. In regulation 28(b), for paragraph (b) of inserted sub-paragraph (1A) substitute—
“(b)
“(b) the individual—
(i) on or before 31 December 2020, holds a professional qualification which does not cover all those subjects,
(ii) on or before 31 December 2020, has been approved by the body or is in the process of seeking approval from the body, and
(iii) has met whichever of the requirements of sub-paragraph (1B) is specified in the body’s rules.”.
7. For regulation 50(b) substitute—
“(b)
“(b) in regulation 34A (exemption from audit: qualifying subsidiaries)8, in the modified section 479A—
(i) in subsection (1)(b), for “an EEA State” substitute “any part of the United Kingdom”;
(ii) in subsection (2)(c), for sub-paragraph (i) substitute—
“(i) if the undertaking is a company, the requirements of Part 15 of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or”;
(c)
(c) in regulation 34A, in the modified section 479C(2)—
(i) for paragraph (b) substitute—
“(b) the registered number (if any) of the parent undertaking,”;
(ii) omit paragraph (c).”.
8. In regulation 100(b)(ii)(bb), in substituted point (a), for “which” substitute “other than those which,”.
PART 3
Amendments to the Accounts and Reports (Amendment) (EU Exit) Regulations 2019
9. The Accounts and Reports (Amendment) (EU Exit) Regulations 20199are amended in accordance with this Part.
10. In Schedule 2 (amendments made under the European Union (Withdrawal) Act 2018: primary legislation)—
(a) in paragraph 6, for sub-paragraph (a) substitute—
“(a)
“(a) for paragraph (b), substitute—
“(b) the registered number (if any) of the parent undertaking,”;”; and
(b) in paragraph 14, for sub-paragraph (a) substitute—
“(a)
“(a) for paragraph (b), substitute—
“(b) the registered number (if any) of the parent undertaking,”.”; and
PART 4
Amendments to the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
11. The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 201910are amended in accordance with this Part.
12. In Schedule 2 (revocations)—
(a) after entry 54 insert—
“54A. |
(EC) No. 1126/2008 (EC) No.... |
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