PART 3Amendment of subordinate legislation

I151

In Part 11 (appointment of auditors)—

a

in regulation 38A (the maximum engagement period) M1, in the modified section 494ZA—

i

in subsection (5)(a)(ii), for “Article 16(3) and (4) of the Audit Regulation” substitute “ section 485B(4) ”;

ii

in subsection (5)(b), after “Audit Regulation” insert “ as it had effect immediately before F1IP completion day”;

b

in regulation 38B (interpretation) M2, in the modified section 494A—

i

for the definition of “audit committee” substitute—

“audit committee” means a body which performs—

a

the functions referred to in—

i

rule 7.1.3 of the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority M3 (audit committees and their functions) under the Financial Services and Markets Act 2000 M4, or

ii

rule 2.4 of the Audit Committee Part of the Rulebook made by the Prudential Regulation Authority M5 under that Act,

as they have effect on F2IP completion day, or

b

equivalent functions.

ii

in the definition of “public interest entity”—

aa

in paragraph (a), for “regulated market” substitute “ UK regulated market ”;

bb

in paragraph (b), for “other than one listed in Article 2 of Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit institutions and investment firms” substitute “ which is a CRR firm within the meaning of Article 4(1)(2A) of that Regulation M6 ”;

iii

omit the definitions of “regulated market” and “transferable securities”.