Part VIU.K. Accounts and Audit

Laying and furnishing of accounts and reportsU.K.

[F178AInterpretation of Part 6U.K.

(1)In this Part—

(2)References in this Part to accounts giving a “true and fair view” are references—

(a)in the case of Friendly Societies Act individual accounts, to the requirement under section 69B that such accounts give a true and fair view;

(b)in the case of Friendly Societies Act group accounts, to the requirement under section 69F that such accounts give a true and fair view; and

(c)in the case of IAS accounts, to the requirement under [F9UK-adopted international accounting standards] that such accounts achieve a fair presentation.

[F10(3)References in this Part to a friendly society [F11subject to special requirements] are to a friendly society that F12... —

(a)[F13would be] an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings [F13were the United Kingdom a member State], or

(b)[F14is] an issuer whose transferable securities are admitted to trading on a regulated market.

(4)In subsection (3)—

(a)“issuer” and “regulated market” have the same meaning as in Part 6 of the Financial Services and Markets Act 2000; and

(b)“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.]]

Textual Amendments

F3Words in s. 78A(1) inserted (29.6.2008 with effect in accordance with art. 1(3) of the amending S.I.) by The Friendly Societies Act 1992 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1140), arts. 1(2), 7(1)

F10S. 78A(3)(4) substituted for s. 78A(3) (with effect in accordance with reg. 1(5) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 9