xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"

Part 42U.K.Statutory Auditors

Modifications etc. (not altering text)

C3Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)

Chapter 6U.K.Supplementary and general

InterpretationU.K.

1260Meaning of “associate”U.K.

(1)In this Part “associate”, in relation to a person, is to be construed as follows.

(2)In relation to an individual, “associate” means—

(a)that individual's spouse, civil partner or minor child or step-child,

(b)any body corporate of which that individual is a director, and

(c)any employee or partner of that individual.

(3)In relation to a body corporate, “associate” means—

(a)any body corporate of which that body is a director,

(b)any body corporate in the same group as that body, and

(c)any employee or partner of that body or of any body corporate in the same group.

(4)In relation to a partnership constituted under the law of Scotland, or any other country or territory in which a partnership is a legal person, “associate” means—

(a)any body corporate of which that partnership is a director,

(b)any employee of or partner in that partnership, and

(c)any person who is an associate of a partner in that partnership.

(5)In relation to a partnership constituted under the law of England and Wales or Northern Ireland, or the law of any other country or territory in which a partnership is not a legal person, “associate” means any person who is an associate of any of the partners.

(6)In subsections (2)(b), (3)(a) and (4)(a), in the case of a body corporate which is a limited liability partnership, “director” is to be read as “member”.

1261Minor definitionsU.K.

(1)In this Part, unless a contrary intention appears—

(2)For the purposes of this Part a body is to be regarded as “established in the United Kingdom” if and only if—

(a)it is incorporated or formed under the law of the United Kingdom or a part of the United Kingdom, or

(b)its central management and control are exercised in the United Kingdom;

and any reference to a qualification “obtained in the United Kingdom” is to a qualification obtained from such a body.

F16(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)The Secretary of State may by regulations make such modifications of this Part as appear to him to be necessary or appropriate for the purposes of its application in relation to any firm, or description of firm, which is not a body corporate or a partnership.

(4)Regulations under subsection (3) are subject to negative resolution procedure.

Textual Amendments

Commencement Information

I1S. 1261 wholly in force at 6.4.2008; s. 1261 not in force at Royal Assent, see s. 1300; s. 1261 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 1261 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(u) (with savings in arts. 7, 12, Sch. 4 paras. 37-42)

1262Index of defined expressionsU.K.

The following Table shows provisions defining or otherwise explaining expressions used in this Part (other than provisions defining or explaining an expression used only in the same section)—

ExpressionProvision
addresssection 1261(1)
appropriate qualificationsection 1219
[F17approved third country competent authority [F18section 1240B(1)];]
[F19approved third country qualification section 1221(1)]
associatesection 1260
[F20Audit Directive [F21paragraph 20A of Schedule 10]]
[F22Audit Regulationsection 1261(1)]
[F19audit regulatory regime section 1240A(3)]
F23. . .F23. . .
[F22audit working papers and investigation reportssection 1261(1)]
audited personsection 1210(2)
Auditor Generalsection 1226(1)
companysection 1261(1)
[F22competent authoritysection 1261(1)]
[F24the data protection legislation] [F24section 1261(1)]
delegation ordersection 1252(1)
director (of a body corporate)section 1261(1)
[F25EEA auditor[F26paragraph 20A of Schedule 10]]
[F27EEA competent authority[F28paragraph 20A of Schedule 10]]
enactmentsection 1293
[F19equivalent third country section 1240A(1)]
established in the United Kingdomsection 1261(2)
firmsection 1261(1)
group (in relation to a body corporate)section 1261(1)
holding companysection 1261(1)
main purposes of this Partsection 1209
member (of a supervisory body)section 1217(2)
obtained in the United Kingdomsection 1261(2)
officersection 1261(1)
parent undertakingsection 1261(1)
qualifying bodysection 1220(1)
recognised, in relation to a professional qualificationsection 1220(3) and Schedule 11
recognised, in relation to a qualifying bodyparagraph 1(2) of Schedule 11
recognised, in relation to a supervisory bodysection 1217(4) and Schedule 10
registered third country auditorsection 1241(1)
[F19regulated market section 1261(1)]
rules of a qualifying bodysection 1220(2)
rules of a supervisory bodysection 1217(3)
statutory auditor, statutory audit and statutory audit worksection 1210(1)
subsidiarysection 1261(1)
supervisory bodysection 1217(1)
subsidiary undertakingsection 1261(1)
[F29third countrysection 1261(1)]
third country auditor, F30. . . Section 1261(1).
[F31third country competent authoritysection 1261(1)]
[F32transfer (in relation to audit working papers)section 1261(1)]
[F19transferable securities section 1261(1)]
[F19transitional third country section 1240A(1)]
[F19UK regulated market section 1261(1)]
[F33[F34UK-traded third country company]section 1261(2)]

Textual Amendments