494AInterpretation

In this Chapter—

• “audit committee” means a body which performs the functions referred to in Article 39(6) of the Audit Directive or equivalent functions;

• “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/EECM1;

• “Auditor General” means—

  1. a

     the Comptroller and Auditor General,

  2. b

     the Auditor General for Scotland,

  3. c

     the Auditor General for Wales, or

  4. d

     the Comptroller and Auditor General for Northern Ireland;

• “issuer” has the same meaning as in Part 6 of the Financial Services and Markets Act 2000 M2 (see section 102A(6) M3);

• “network” means an association of persons other than a firm co-operating in audit work by way of—

  1. a

     profit-sharing;

  2. b

     cost sharing;

  3. c

     common ownership, control or management;

  4. d

     common quality control policies and procedures;

  5. e

     common business strategy; or

  6. f

     use of a common name;

• “public interest company” means—

  1. a

     an issuer whose transferable securities are admitted to trading on a regulated market;

  2. b

     a credit institution within the meaning given by Article 4(1)(1) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council M4, other than one listed in Article 2 of Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit institutions and investment firms M5;

  3. c

     an insurance undertaking within the meaning given by Article 2(1) of Council Directive 1991/674/EEC of the European Parliament and of the Council on the annual accounts and consolidated accounts of insurance undertakings M6;

• “regulated market” has the same meaning as in Part 6 of the Financial Services and Markets Act 2000 (see section 103(1) M7);

• “transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments M8.