The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020

Suspension of approval U.K.

9.—(1) If, in relation to a third country which has been granted approval, provisional approval or transitional approval by relevant regulations, the Secretary of State is no longer satisfied that condition A, B or C is met, the Secretary of State may direct that the approval, provisional approval or transitional approval is suspended with effect—

(a) from a date specified in the direction; or

(b) for financial years beginning or ending on or after a date specified in the direction;

for a period of no longer than two years beginning on the date of the direction.

(2) A suspension under paragraph (1) may be extended so that the suspension is for a total period of no longer than three years beginning on the date of the direction.

(3) The Secretary of State may revoke a direction to suspend approval, provisional approval or transitional approval.

(4) The Secretary of State must inform the competent authority of—

(a) any suspension of approval, provisional approval or transitional approval;

(b) any extension of such a suspension; and

(c) any revocation of a direction to suspend approval, provisional approval or transitional approval.

(5) The Secretary of State must make arrangements for—

(a) publication on a publicly accessible website of details of—

(i) any suspension of approval, provisional approval or transitional approval;

(ii) any extension of such a suspension; and

(iii) any revocation of a direction to suspend approval, provisional approval or transitional approval; and

(b) informing any registered third country auditors of any UK-traded third country companies incorporated or formed under the law of a third country whose approval, provisional approval or transitional approval has been suspended—

(i) of that suspension;

(ii) of any extension of that suspension; and

(iii) where there is subsequently a revocation of the direction to suspend approval, provisional approval or transitional approval, of that revocation.

(6) For the purposes of this regulation—

(a) approval granted for an indefinite period under Schedule 1 to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 is to be treated as if it were granted under relevant regulations on the basis that condition A were met;

(b) approval granted for a finite period of time under that Schedule is to be treated as if it were granted under relevant regulations on the basis that condition B were met;

(c) transitional approval granted under that Schedule is to be treated as if it were granted under relevant regulations on the basis that condition C were met.

Commencement Information

I1 Reg. 9 in force at 21.2.2020, see reg. 1(2)(b)