3.—(1) The functions of the Secretary of State conferring a power to make regulations under—
(a)section 1239 of the Act (register of auditors) except for the function under subsection (1)(b) of that section,
(b)section 1240 of the Act (information to be made available to public), and
(c)paragraph 8(1)(a) of Schedule 11 to the Act (prescription of examination subjects),
are transferred to the first designated body, subject to the reservation specified in paragraph (2).
(2) The transfer of the functions conferring a power to make regulations referred to in paragraph (1) is subject to the reservations that such regulations—
(a)must not come into force before 6th April 2008; and
(b)must not apply in relation to appointments of auditors for financial years beginning before 6th April 2008.
(3) The transfer of the functions referred to in paragraph (1) ceases to have effect on 6th April 2008.