The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020

PART 5 Amendments to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019

13.  The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019(1) are amended in accordance with this Part.

14.  In Part 2—

(a) in regulation 5(c), for “exit day” substitute “IP completion day”;

(b) in regulation 6—

(i) in paragraph (a), in paragraph (a) of the substituted definition of “audit committee”, for “exit day” substitute “IP completion day”;

(ii) in paragraph (c)(iii), for “exit day” substitute “IP completion day”;

(c) in regulation 8(a)(iii), for “exit day” substitute “IP completion day”;

(d) in regulation 11(b)(ii), for “exit day” substitute “IP completion day”;

(e) in regulation 28(2)—

(i) before paragraph (a), insert—

“(za) in sub-paragraph (1)(a), for “an EEA auditor” substitute “a third country auditor”;

(zb) in sub-paragraph (1)(aa), for “an EEA auditor” substitute “a third country auditor”;

(zc) in sub-paragraph (1)(b), omit “which is not an EEA auditor”;”;

(ii) for paragraph (a), substitute—

“(a) omit sub-paragraph (1)(c);”;

(iii) after paragraph (d), insert—

“(da) in sub-paragraph (2C)(a), for “another EEA State” substitute “an EEA State”;”;

(iv) omit paragraph (e);

(f) for regulation 29, substitute—

“29.   In paragraph 7 (holding of appropriate qualification)—

(a) for sub-paragraph (2)(a), substitute—

“(a) in relation to an individual, to that individual’s—

(i) holding an appropriate qualification, or

(ii) being a third country auditor and meeting the requirements of paragraph 6(1)(aa)(ii) or 6(1A);”;

(b) omit sub-paragraph (2)(b)(ii) and the “or” before it.”;

(g) in regulation 30(b), for “exit day” substitute “IP completion day”;

(h) in regulation 32(d)(iii), for “exit day” substitute “IP completion day”;

(i) in regulation 38, for “exit day” substitute “IP completion day”;

(j) in regulation 40, for “exit day” substitute “IP completion day”.

15.  In Part 3—

(a) in regulation 51—

(i) in paragraph (a)(ii), for “exit day” substitute “IP completion day”;

(ii) in paragraph (b)(i), for “exit day” substitute “IP completion day”;

(b) in regulation 61(c)(ii), for “exit day” substitute “IP completion day”;

(c) in regulation 66(d)(iii), for “exit day” substitute “IP completion day”;

(d) in regulation 68(a), for “exit day” substitute “IP completion day”;

(e) in regulation 70(a), for “exit day” substitute “IP completion day”;

(f) in regulation 71(d)(i), for “exit day” substitute “IP completion day”.

16.  In Part 4, in regulation 100(f), for “exit day” substitute “IP completion day”.

17.  In Schedule 1—

(a) in paragraph 1(1), for “exit day”, in both places where it appears, substitute “IP completion day”;

(b) in paragraph 2(1), for “exit day” substitute “IP completion day”.

18.  In Schedule 2, in paragraph 1(1), for “exit day”, in both places where it appears, substitute “IP completion day”.

19.  In Schedule 4—

(a) in the opening words of paragraph 1(3), for “exit day” substitute “IP completion day”;

(b) in paragraph 2—

(i) in the opening words, for “exit day”, substitute “IP completion day”;

(ii) in sub-paragraph (a), for “exit day”, substitute “IP completion day”;

(c) in paragraph 3, for “exit day” substitute “IP completion day”.

(1)

S.I. 2019/177. This instrument is amended by S.I. 2019/1392, 2020/108, 2020/335.

(2)

Regulation 28 is amended by S.I. 2019/1392 (as further amended by regulation 29 of this instrument) and 2020/335.

(3)

Paragraph 1 of Schedule 4 is amended by S.I. 2020/108.