PART 3Amendment of subordinate legislation

I159

In regulation 6 (register of third country auditors)—

a

in paragraph (2)(e), after “EEA competent authority” insert “ under Article 45(1) of the Audit Directive ”;

b

in paragraph (2)(f)—

i

for “any body which” substitute “ each third country competent authority that ”;

ii

after “law of a third country” insert “ and the registration number (if any) which each one has allocated to the individual ”;

c

in paragraph (3)(b), for “UK-traded non-EEA companies” substitute “ UK-traded third country companies ”;

d

in paragraph (3)(h)—

i

for “UK-traded non-EEA companies” substitute “ UK-traded third country companies ”;

ii

after “registration number” insert “ (if any) ”;

iii

for “body” substitute “ third country competent authority or other body ”;

e

in paragraph (3)(j), after “EEA competent authority” insert “ under Article 45(1) of the Audit Directive ”;

f

in paragraph (3)(k)—

i

for “any body which” substitute “ each third country competent authority that ”;

ii

after “law of a third country” insert “ and the registration number (if any) which each one has allocated to the firm ”;

g

for paragraph (7) substitute—

7

In this regulation—

  • “Audit Directive” means Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts;

  • “EEA competent authority” means a competent authority within the meaning of Article 2(10) of the Audit Directive of an EEA State;

  • “network” means an association of persons other than a firm co-operating in audit work by way of—

    1. a

      profit sharing,

    2. b

      cost sharing,

    3. c

      common ownership, control or management,

    4. d

      common quality control policies and procedures,

    5. e

      common business strategy, or

    6. f

      use of a common brand name.

8

For the purposes of this regulation, Gibraltar is to be treated as if it were an EEA State and subject to the Audit Directive.