Part 42U.K.Statutory Auditors

Modifications etc. (not altering text)

C3Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)

Chapter 6U.K.Supplementary and general

[F1Transfer of papers to third countriesU.K.

Textual Amendments

F1Ss. 1253D-1253F and cross-heading inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 15(1) (with reg. 15(2) (as amended by S.I. 2008/499), reg. 2(4)))

[F21253DATransfer by Secretary of StateU.K.

(1)The Secretary of State may transfer [F3audit working papers and investigation reports] to an approved third country competent authority if the following conditions are met (but see also section 1253DD).

(2)The first condition is that the authority has made a request to the Secretary of State for the transfer of the [F3audit working papers and investigation reports].

(3)The second condition is that the [F3audit working papers and investigation reports] relate to audits of companies that—

(a)have issued securities in the third country in which the authority is established, or

(b)form part of a group issuing statutory consolidated accounts in that third country.

(4)The third condition is that the authority has entered into arrangements with the Secretary of State in accordance with section 1253E.]]