SCHEDULE 3Amendments to the Companies Act 2006
PART 5Amendments to Part 42 of the Companies Act 2006
70
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.