This section has no associated Explanatory Memorandum
70. After paragraph 20 insert—U.K.
“Supplementary: funding of arrangements
20ZA.—(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.”.