5. In section 494ZA (the maximum engagement period) M1—
(a)in subsection (5)(a)(ii), omit “and” at the end;
(b)for subsection (5)(a)(iii) substitute—
“(iii)if the company is a private company and does not have an audit committee, a selection procedure that complies with the requirements of section 485B(4),
(iv)if the company is a public company and does not have an audit committee, a selection procedure that complies with the requirements of section 489B(4),”;
(c)in subsection (5)(b) after “Audit Regulation” insert “ as it had effect immediately before [F1IP completion day]”.
Textual Amendments
F1Words in reg. 5(c) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 14(a)
Commencement Information
I1Reg. 5 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
M1Section 494ZA was inserted by regulation 12(14) of S.I. 2017/516. Subsection (5) was amended by paragraph 20 of Schedule 1 to S.I. 2017/1164.