[F1[F21253DBTransfer by statutory auditor with approval of Secretary of StateU.K.
(1)A statutory auditor may transfer [F3audit working papers and investigation reports] to an approved third country competent authority if the transfer is made—
(a)with the prior approval of the Secretary of State, and
(b)in accordance with rules of a recognised supervisory body meeting the requirements of paragraph 16AA of Schedule 10.
(2)The Secretary of State must not approve a transfer of [F3audit working papers and investigation reports] to an approved third country competent authority for the purposes of this section unless the following conditions are met (see also section 1253DD).
(3)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].
(4)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.
(5)The third condition is that the authority has entered into arrangements with the Secretary of State in accordance with section 1253E.]]
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)))
F2Ss. 1253D-1253DE substituted for s. 1253D (15.11.2010) by The Companies Act 2006 (Transfer of Audit Working Papers to Third Countries) Regulations 2010 (S.I. 2010/2537), regs. 1(2), 2
F3Words in s. 1253DB substituted (17.6.2016) by The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), reg. 1(1)(a), Sch. 3 para. 45(2) (with reg. 1(2)(b))