PART 18U.K.FINAL PROVISIONS

[F1ReviewU.K.

59.—(1) The Secretary of State must from time to time—

[F2(a)carry out a review, respectively, of the regulatory provision contained in these Regulations to which amendments have been made by—

(i)Part 2 of the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (“the 2016 Regulations”),

(ii)Schedule 3 to the Statutory Auditors Regulations 2017, and

(iii)Part 3 of the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (“the 2018 Regulations”),]

(b)set out the conclusions of [F3each review] in a [F4separate] report, and

(c)publish the report.

[F5(1A) Section 30(3) of the Small Business, Enterprise and Employment Act 2015 requires that a review carried out under paragraph (1)(a)(ii) of this regulation must, so far as is reasonable, have regard to how—

(a)Articles 28 and 38 of Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC, and

(b)Articles 16, 17 and 41 of Regulation (EU) No 537/2014 of the European Parliament and of the Council on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC,

are implemented in other member States.]

(2) [F6Section 30(4) of the Small Business, Enterprise and Employment Act 2015 requires that a report published under this regulation] must, in particular—

(a)set out the objectives intended to be achieved by those provisions,

(b)assess the extent to which those objectives are achieved,

(c)assess whether those objectives remain appropriate, and

(d)if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provision.

[F7(3) The first report under—

(a)paragraph (1)(a)(i) and (ii) must be published before the end of the period of 5 years beginning with the date on which the 2016 Regulations come into force;

(b)paragraph (1)(a)(iii) must be published before the end of the period of 5 years beginning with the date on which the 2018 Regulations come into force.]

(4) Subsequent reports under this regulation must be published at intervals not exceeding 5 years.

(5) In this regulation, “regulatory provision” has the [F8same meaning as in sections 28 to 32] of the Small Business, Enterprise and Employment Act 2015 [F9(see section 32 of that Act)].]

Textual Amendments

F1Reg. 59 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 26