C1C2C3C4Part 42Statutory Auditors

Annotations:
Modifications etc. (not altering text)
C2

Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)

Chapter 5Registered third country auditors

Introductory

I11241Meaning of “third country auditor”, “registered third country auditor” etc

1

In this Part—

  • “third country auditor” means the auditor of the accounts of a traded non-Community company, and the expressions “third country audit” and “third country audit work” are to be construed accordingly;

  • “registered third country auditor” means a third country auditor who is entered in the register kept in accordance with regulations under section 1239(1).

2

In subsection (1) “traded non-Community company” means a body corporate—

a

which is incorporated or formed under the law of a country or territory which is not a member State or part of a member State,

b

whose transferable securities are admitted to trading on a regulated market situated or operating in the United Kingdom, and

c

which has not been excluded, or is not of a description of bodies corporate which has been excluded, from this definition by an order made by the Secretary of State.

3

For this purpose—

  • “regulated market” has the meaning given by Article 4.1(14) of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments;

  • “transferable securities” has the meaning given by Article 4.1(18) of that Directive.

4

An order under this section is subject to negative resolution procedure.