6.—(1) In paragraph 28—
(a)in sub-paragraph (3), in the substituted paragraph 6—
(i)in sub-paragraph (1)(b)—
(aa)after “sub-paragraph (3)” insert “on or before 31 December 2020”; and
(bb)for “sub-paragraphs (4) and (5)” substitute “sub-paragraph (4)”;
(ii)omit sub-paragraphs (4)(a) and (5);
(b)at the end of sub-paragraph (4)(a), omit “and”;
(c)after sub-paragraph (4)(a), insert—
“(aa)in sub-paragraph (2)(a)(ii), omit “, other than the United Kingdom”,”;
(d)after sub-paragraph (4)(b), insert—
“, and
(c)in sub-paragraph (2)(b)(ii), omit “, other than the United Kingdom”.”;
(e)in sub-paragraph (7), in the substituted paragraph 13—
(i)for sub-paragraph (4)(b)(iv) substitute—
“(iv)work equivalent to that within any of sub-paragraphs (i) to (iii) on the audit of accounts under the law of—
(aa)an equivalent third country, or part of an equivalent third country, or
(bb)a transitional third country, or part of a transitional third country,”;
(ii)after sub-paragraph (4), insert—
“(4A) For the purposes of sub-paragraph (4)—
“equivalent third country” means a third country granted approval or provisional approval as an equivalent third country in accordance with section 1240A(1)(1), as that section applies in relation to statutory audits;
“third country” means a country or territory other than the United Kingdom;
“transitional third country” means a third country granted approval or provisional approval as a transitional third country in accordance with section 1240A(1), as that section applies in relation to statutory audits.”.
(2) The amendment made by paragraph (1)(d) ceases to have effect on 1st January 2021.
(3) The amendments made by paragraph (1)(e) do not affect the ability of a person appointed before exit day to conduct inspections on or after exit day.
Section 1240A(1) was inserted into Part 42 of the Companies Act 2006 by regulation 14 of the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177).