Friendly Societies Act 1992 (c.40)
15. (1) Section 78A of the Friendly Societies Act 1992(1) (interpretation of Part 6: accounts and audit) is amended as follows.
(2) In subsection (1), at the appropriate place insert—
““the Audit Directive” means Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (as to friendly societies to which the Directive applies, see subsection (3) below);”;
(3) After subsection (2) insert—
“(3) References in this Part to a friendly society to which the Audit Directive applies are to a friendly society that is an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings.”.
Section 78A was inserted by the Schedule to the Friendly Societies Act 1992 (International Accounting Standards and Other Accounting Amendments) Order 2005 (S.I. 2005/2211), paragraph 3; Schedule 14 has been amended in respects which are not relevant to this Order.