62.—(1) Paragraph 10C is amended as follows.U.K.
(2) Omit sub-paragraphs (1) and (2).
(3) For sub-paragraph (3) substitute—
“(3) The body must have adequate rules and practices designed to ensure that—
(a)an individual who has been appointed as statutory auditor of a public interest entity may not be appointed as a director or other officer of the entity or be concerned in the management of the entity during a period of not less than two years to be determined in standards set by the competent authority and commencing on the date on which the individual's appointment as statutory auditor ended;
(b)a key audit partner of a firm which has been appointed as statutory auditor of a public interest entity may not be appointed as a director or other officer or be concerned in the management of the entity during a period of not less than two years to be determined in standards set by the competent authority and commencing on the date on which the firm's appointment as statutory auditor ended.”.
(4) Omit sub-paragraph (6).