EXPLANATORY NOTE
(This note is not part of the Regulations)
Part 2 of these Regulations is made in exercise of the powers conferred by section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies (in particular arising under paragraphs (a) and (d) of section 8(2) of the Act) arising from the withdrawal of the United Kingdom from the European Union. Regulation 19 also makes an amendment under section 23 of that Act in consequence of it.
Part 3 of these Regulations make amendments under sections 15 and 17 of the Limited Liability Partnerships Act 2000 (c.12).
Regulation 2(1) of and Table 1 of the Schedule to these Regulations revoke retained EU law and secondary legislation which, prior to the UK’s withdrawal from the European Union, enabled public authorities in the UK to become members of European Groupings of Territorial Cooperation. They also revoke various instruments of retained EU law related to company law which no longer have any practical effect.
Regulation 2(2) and Table 2 of the Schedule to these Regulations revoke European Commission Regulations adopting certain international accounting standards which are listed in that Table. Regulation 2(3) applies to those European Commission Regulations the transitional provision set out in regulation 20(2) of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685). This is to ensure that the provisions of these European Commission Regulations apply in the same way to UK-adopted international accounting standards as they applied to the international accounting standards adopted by the Commission.
Part 3 of these Regulations makes amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911). These are amendments in consequence of the introduction of the requirement for Limited Liability Partnerships to produce a strategic report. This requirement was introduced for Limited Liability Partnerships in the Statutory Auditors Regulations 2017 (S.I. 2017/1164).
Regulation 19 amends Regulation (EU) No. 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC, to remove a reference to EU legislation that is no longer needed.
An impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.