The Statutory Auditors and Third Country Auditors Regulations 2016

26.—(1) Section 519A (meaning of “public interest company”, “non-public interest company” and “exempt reasons”) M1 is amended as follows. U.K.

(2) In subsection (1) for the definition of “public interest company” substitute—

““public interest company” means a company which is—

(a) an issuer whose transferable securities are admitted to trading on a regulated market;

(b) a credit institution within the meaning given by Article 4(1)(1) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council M2 , 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 M3 ; or

(c) an insurance undertaking within the meaning given by Article 2(1) of Council Directive 1991/674/EEC of the European Parliament and of the Council on the annual accounts and consolidated accounts of insurance undertakings M4 ;”.

(3) For subsection (2) substitute—

“(2) For the purposes of the definition of “public interest company”—

“issuer” has the same meaning as in Part 6 of the Financial Services and Markets Act 2000 (see section 102A(6) M5 );

“regulated market” has the same meaning as in Part 6 of the Financial Services and Markets Act 2000 (see section 103(1) M6 );

“transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments M7 .”.

Marginal Citations

M1 Section 519A was inserted by section 18 of the Deregulation Act 2015.

M2 OJ No L 176, 27.6.2013, p.1-337.

M3 OJ No L 176, 27.6.2013, p. 338- 436.

M4 OJ No L 374, 31.12.1991, p.7- 31.

M5 Section 102A was substituted by S.I. 2005/1433 and amended by S.I. 2015/1755.

M6 Section 103 was substituted for section 103 by S.I. 2005/1433 and amended by paragraph 11(2) of Schedule 15(1) to the Companies Act 2006 (c.46).

M7 OJ No L 145, 30.4.2004, p.1- 44.