Removal of registered third country auditor from the register12

1

If the designated body considers that the statement required by regulation 8 (application statement) made by a registered third country auditor is no longer correct, it must—

a

notify the registered third country auditor of the steps that the registered third country auditor must take to ensure that the statement is correct, and

b

if the registered third country auditor has not taken those steps on or before the date three months after the notification, remove the registered third country auditor from the register.

2

The designated body may remove a registered third country auditor from the register if it considers that the registered third country auditor has failed to comply with any of the obligations of the registered third country auditor—

a

regulation 11 (duty to provide updated information),

b

section 1242 M1 of the Act (duties of registered third country auditors),

c

section 1243 of the Act (matters to be notified to the Secretary of State), or

d

section 1244 of the Act (Secretary of State's power to call for information).

3

The designated body may remove a registered third country auditor from the register if—

a

it considers that the registered third country auditor—

i

has failed to apply the auditing standards and independence requirements set out in the statement referred to in paragraph (iv) of regulation 7(3)(d), or

ii

is not a fit and proper person to conduct audits of the accounts of F1UK-traded third country companies, or

b

it appears to the designated body that a competent authority which oversees or regulates the registered third country auditor considers that the registered third country auditor—

i

is not a fit and proper person to conduct audits in the country in which the authority is established, or

ii

is not eligible to conduct audits of the accounts of bodies corporate incorporated or formed under the law of that country.