PART 4Amendment of retained direct EU legislation

Amendment of Regulation 537/201480

In Article 5 (prohibition of the provision of non-audit services)—

a

in paragraph 1, in the first subparagraph—

i

omit “or an audit firm”;

ii

omit “or the audit firm”;

iii

for “audited entity” substitute “audited person”;

iv

after “parent undertaking” insert “(incorporated or formed in any part of the United Kingdom)”;

v

for “controlled undertakings” substitute “subsidiary undertakings”;

vi

omit “within the Union”;

vii

in point (a), for “period audited” substitute “financial year of the accounts to be audited”;

viii

in point (b), for “the period referred to in point (a)” substitute “that period”;

b

in paragraph 1, in the second subparagraph—

i

in point (a)(iv), omit “or the audit firm”;

ii

in point (a)(v), omit “or the audit firm”;

iii

in point (b), for “audited entity” substitute “audited person”;

iv

in point (c), for “financial statements” substitute “accounts”;

v

in point (g)(ii), for “audited entity” substitute “audited person”;

vi

in point (h), for “audited entity’s” substitute “audited person’s”;

vii

in point (i)—

aa

for “audited entity” in both places substitute “audited person”;

bb

for “financial statements” substitute “accounts”;

viii

in point (j), for “audited entity” substitute “audited person”;

ix

in point (k)(i), for “financial statements” substitute “the accounts”;

c

omit paragraph 2;

d

in paragraph 4, in the first subparagraph—

i

omit “or an audit firm”;

ii

omit “or the audit firm”;

iii

for “audited entity” substitute “audited person”;

iv

after “parent undertaking” insert “(incorporated or formed in any part of the United Kingdom)”;

v

for “controlled undertakings” substitute “subsidiary undertakings”;

vi

for “Article 22b of Directive 2006/43/EC” substitute “paragraph 8 of Schedule 1 to the Statutory Auditors and Third Country Auditors Regulations 2016”;

e

in paragraph 4, omit the second subparagraph;

f

omit paragraph 5.