This Statutory Instrument corrects an error in S.I. 2019/177 and is being issued free of charge to all known recipients of that Statutory Instrument.
2019 No. 1392
The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019
Made
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 20063 and 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 1Introductory
Citation and commencement1
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 2Amendments 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 20195 are 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
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
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
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
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
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
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
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 3Amendments to the Accounts and Reports (Amendment) (EU Exit) Regulations 2019
9
The Accounts and Reports (Amendment) (EU Exit) Regulations 20199 are 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
for paragraph (b), substitute—
b
the registered number (if any) of the parent undertaking,
b
in paragraph 14, for sub-paragraph (a) substitute—
a
for paragraph (b), substitute—
b
the registered number (if any) of the parent undertaking,
PART 4Amendments 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 201910 are amended in accordance with this Part.
12
In Schedule 2 (revocations)—
a
after entry 54 insert—
54A.
Commission Regulation (EU) 2017/1986 of 31 October 2017 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 16
b
after entry 61 insert—
61A.
Commission Regulation (EU) 2018/498 of 22 March 2018 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 9
c
after entry 62 insert—
63.
Commission Regulation (EU) 2018/1595 of 23 October 2018 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards Interpretation 23 of the International Financial Reporting Interpretations Committee
64.
Commission Regulation (EU) 2019/237 of 8 February 2019 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 28
65.
Commission Regulation (EU) 2019/402 of 13 March 2019 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 19
66.
Commission Regulation (EU) 2019/412 of 14 March 2019 on amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standards 12 and 23 and International Financial Reporting Standards 3 and 11
(This note is not part of the Regulations)