The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019

Amendment of Regulation 537/2014

82.  In Article 7 (irregularities)—

(a) in the first subparagraph—

(i) for “Article 12 of this Regulation and Directive 2005/60/EC” substitute “relevant legislation”;

(ii) omit “or an audit firm”;

(iii) for “financial statements” substitute “accounts”;

(iv) for “audited entity” in both places substitute “audited person”;

(v) for “he. she or it” substitute “the statutory auditor”;

(b) in the second subparagraph—

(i) for “audited entity” substitute “audited person”;

(ii) omit “or the audit firm”;

(c) in the third subparagraph, omit “or the audit firm”;

(d) after the third subparagraph, insert—

“In this Article, “relevant legislation” means—

(a) any rules made under section 340 of the Financial Services and Markets Act 2000(1);

(b) the Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001(2);

(c) the Money Laundering, Terrorist Financing and Transfer of Funds (Information on Payer) Regulations 2017;

(d) sections 330(6), 330(7A), 333A and 342 of the Proceeds of Crime Act 2002;

(e) sections 45 and 46 of the Criminal Finances Act 2017;

(f) the Terrorism Act 2000.”.

(1)

2000 c. 8.

(2)

S.I. 2001/2587.