The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019

Amendment of Part 42 of the Companies Act 2006

25.  In section 1261 (minor definitions)—

(a) in subsection (1)—

(i) omit the definition of “the Audit Directive”(1);

(ii) in the definition of “audit working papers and investigation reports”(2), in paragraphs (a), (b) and (c) omit “, an EEA auditor”;

(iii) omit the definitions of “EEA auditor” and “EEA competent authority”(3);

(iv) after the definitions of “parent undertaking” and “subsidiary undertaking”, insert—

““regulated market” has the meaning given in Article 2(1)(13) of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 and amending Regulation (EU) No. 648/2012(4);”;

(v) in the definition of “third country”(5), for “that is not an EEA State or part of an EEA State” substitute “other than the United Kingdom”;

(vi) in the definition of “third country auditor”, omit “an EEA auditor or”;

(vii) after the definition of “transfer”(6), insert—

““transferable securities” has the meaning given in Article 2(1)(24) of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 and amending Regulation (EU) No. 648/2012;

“UK regulated market” has the meaning given in Article 2(1)(13A) of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 and amending Regulation (EU) No. 648/2012;”;

(b) omit subsection (2A)(7).

(1)

The definition of “the Audit Directive” was inserted by regulation 2(2) of S.I. 2007/3494.

(2)

The definition of “audit working papers” was inserted by regulation 2(2) of S.I. 2007/3494 and substituted to “audit working papers and investigation reports” by paragraph 51(2)(a) of Schedule 3 to S.I. 2016/649.

(3)

The definitions “EEA auditor” and “EEA competent authority” were inserted by regulation 2(2) of S.I. 2007/3494.

(4)

OJ No. L 173 12.06.2014, p. 84.

(5)

The definition of “third country” was inserted by regulation 2(2) of S.I. 2007/3494.

(6)

The definition of “transfer” was inserted by regulation 6(4) of S.I. 2010/2537, and amended by paragraph 51(2)(e) of Schedule 3 to S.I. 2016/649.

(7)

Section 1261(2A) was inserted by regulation 2(3) of S.I. 2007/3494.