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

Amendment of the Statutory Auditors and Third Country Auditors Regulations 2013

59.  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—

(a)

profit sharing,

(b)

cost sharing,

(c)

common ownership, control or management,

(d)

common quality control policies and procedures,

(e)

common business strategy, or

(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.”.