[F1[F21253DD Agreement of [F3third country competent authority] U.K.
(1)This section applies where—
(a)an approved third country competent authority makes a request to the Secretary of State for the transfer of [F4audit working papers and investigation reports] which relate to the audit of the consolidated accounts of a group, and
(b)the [F4audit working papers and investigation reports] that are the subject of the request—
(i) have been created by the auditor of a subsidiary that is located in [F5an equivalent third country or transitional third country] in relation to the audit of that subsidiary, and
(ii)are in the possession of a statutory auditor.
(2) In the case of a transfer by the Secretary of State under section 1253DA, the transfer must not take place unless the [F6third country competent authority] responsible for the auditor of the subsidiary has given its express agreement to the transfer.
(3) In the case of a transfer by a statutory auditor under section 1253DB, the Secretary of State must not approve the transfer unless the [F7third country competent authority] responsible for the auditor of the subsidiary has given its express agreement to the transfer.]]
Textual Amendments
F1Ss. 1253D-1253F and cross-heading inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 15(1) (with reg. 15(2) (as amended by S.I. 2008/499), reg. 2(4)))
F2Ss. 1253D-1253DE substituted for s. 1253D (15.11.2010) by The Companies Act 2006 (Transfer of Audit Working Papers to Third Countries) Regulations 2010 (S.I. 2010/2537), regs. 1(2), 2
F3Words in s. 1253DD heading substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 21(a); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in s. 1253DD substituted (17.6.2016) by The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), reg. 1(1)(a), Sch. 3 para. 47(1) (with reg. 1(2)(b))
F5Words in s. 1253DD(1)(b)(i) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 21(b); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in s. 1253DD(2) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 21(c); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in s. 1253DD(3) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 21(c); 2020 c. 1, Sch. 5 para. 1(1)