“(3)

References in this Part to a friendly society to which the Audit Directive applies are to a friendly society that is—

(a)

an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings22, or

(b)

an issuer whose transferable securities are admitted to trading on a regulated market.

(4)

In subsection (3)—

(a)

“issuer” and “regulated market” have the same meaning as in Part 6 of the Financial Services and Markets Act 200023; and

(b)

“transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments24.”.