SCHEDULE 3Amendments to the Companies Act 2006

PART 5Amendments to Part 42 of the Companies Act 2006

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After paragraph 20 insert—

Supplementary: funding of arrangements20ZA

1

This paragraph applies where, under regulation 3 of the Statutory Auditors and Third Country Auditors Regulations 2016, the competent authority has delegated the task of approving persons as eligible for appointment as statutory auditors to a body (“B”).

2

B must pay the costs incurred by—

a

the competent authority in carrying out activities mentioned in paragraphs 9 to 10C, 12, 13 and 16, or

b

another recognised supervisory body, in carrying out those activities as a result of the competent authority delegating a task to the other body,

in relation to any statutory auditor bound by B's rules.