Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (Version in vigour from 2022-07-27 to )

Consolidated Text As Enacted Cited authorities 140 Cited in Related
Vincent
CurrencyNo known outstanding effects
Coming into Force27 July 2022
  • These Regulations may be cited as the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019.
    • (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) Part 5, which comes into force on 22 February 2019.
  • Part 16 of the Companies Act 2006 (audit) is amended in accordance with regulations 4 to 9.
  • in subsection (1) (b) , for “an EEA State” substitute
  • in subsection (2) (c) , for sub-paragraph (i) substitute—
    • 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
  • for paragraph (b) substitute—
    • the registered number (if any) of the parent undertaking,
  • omit paragraph (c) .
  • in subsection (5) (a) (ii) , omit “and” at the end;
  • for subsection (5) (a) (iii) substitute—
    • if the company is a private company and does not have an audit committee, a selection procedure that complies with the requirements of section 485B(4) ,if the company is a public company and does not have an audit committee, a selection procedure that complies with the requirements of section 489B(4) ,
  • in subsection (5) (b) after “Audit Regulation” insert
  • for the definition of “audit committee” substitute—
      “audit committee” means a body which performs—
    • (a) the functions referred to in—(i) rule 7.1.3 of the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority (audit committees and their functions) under the Financial Services and Markets Act 2000 , or
    • rule 7.1.3 of the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority rule 2.4 of the Audit Committee Part of the Rulebook made by the Prudential Regulation Authority equivalent functions.
  • omit the definition of “Audit Directive”;
  • in paragraph (a) , for “regulated market” substitute
  • in paragraph (b) , for “other than one listed in Article 2 of Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit institutions and investment firms” substitute
  • for paragraph (c) , substitute—
    • a person who would be an insurance undertaking as defined in Article 2(1) of Council Directive 91/674/EEC of 19 December 1991 of the European Parliament and of the Council on the annual accounts and consolidated accounts of insurance undertakings as that Article had effect immediately before F136IP completion day, were the United Kingdom a member State;
  • omit the definitions of “regulated...

    • To continue reading

    Request your trial
    Navigation index

    VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT