PART 2Amendment of primary legislation

CHAPTER 4Amendment of other primary legislation

Amendment of the Building Societies Act 198637.

The Building Societies Act 1986 M1 is amended in accordance with regulation 38.

38.

In paragraph 3E(5)(b) (appointment) M2 of Schedule 11 (auditors: appointment, tenure), after “Audit Regulation” insert “ as it had effect immediately before F1IP completion day”.

Amendment of the Friendly Societies Act 199239.

The Friendly Societies Act 1992 M3 is amended in accordance with regulation 40.

40.

In paragraph 5(5)(b) (the maximum engagement period) of Schedule 14A (appointment and removal of auditors: societies to which audit directive applies) M4, after “Audit Regulation” insert “as it had effect immediately before F2IP completion day”.

Amendment of the Companies (Audit, Investigations and Community Enterprise) Act 200441.

Part 1 (auditors, accounts, directors' liabilities and investigations) of the Companies (Audit, Investigations and Community Enterprise) Act 2004 M5 is amended in accordance with regulations 42 and 43.

42.

In section 15D(4) (permitted disclosure of information obtained under compulsory powers) M6—

(a)

in paragraph (aa)(i), for “UK-traded non-EEA companies” substitute “ UK-traded third country companies ”;

(b)

in paragraph (h), for “EU obligation” substitute “ retained EU obligation ”.

Annotations:
Commencement Information

I6Reg. 42 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 2

Marginal Citations

M6Section 15D(4)(aa)(i) was inserted by paragraph 232(2) of Schedule 1 to S.I. 2008/948, and substituted by paragraph 1(2)(a) of Schedule 5 to S.I. 2016/649.

43.

In section 16 (grants to bodies concerned with accounting standards etc)—

(a)

after subsection (2)(ea) M7, insert—

“(eb)

assessing, and reporting to the Secretary of State on, the comparability of the audit regulatory regimes of third countries to the audit regulatory regime of the United Kingdom;

(ec)

assessing, and reporting to the Secretary of State on, the adequacy of third country competent authorities, in relation to their ability to co-operate with the competent authority on the exchange of audit working papers and investigation reports;”;

(b)

in subsection (5)—

(i)

after the definition of “accountancy functions” insert—

““audit regulatory regime” in relation to a country or territory, means the system of public oversight, quality assurance, investigations and sanctions for auditors in that country or territory;”;

(ii)

after the definition of “company”M8 insert—

““the competent authority” means the Financial Reporting Council Limited M9;”;

(iii)

after the definition of “subsidiary”M10 insert—

““third country” means a country or territory other than the United Kingdom;

“third country competent authority” means a body established in a third country exercising functions related to the regulation or oversight of auditors.”.

Annotations:
Commencement Information

I7Reg. 43 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 2

Marginal Citations

M7Sub-section (2)(ea) was inserted by paragraph 1(3) of Schedule 5 to S.I. 2016/649.

M8The definition of “company” was amended by paragraph 222(2) of Schedule 1 to S.I. 2009/1941.

M9A company registered in England and Wales with number 02486368.

M10The definition of “subsidiary” was amended by paragraph 222(3) of Schedule 1 to S.I. 2009/1941.

Amendment of the Local Audit and Accountability Act 201444.

The Local Audit and Accountability Act 2014 M11 is amended in accordance with regulation 45.

45.

In Schedule 5 (eligibility and regulation of local auditors), in paragraph 1(3)(b), after “the Statutory Auditors and Third Country Auditors Regulations 2016” insert “ and the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 ”.