7.—(1) The designated body is designated for the purpose of enabling it to exercise functions of the Secretary of State under Part 42 of the Act (statutory auditors).
(2) The functions of the Secretary of State under—
(a)section 1210(1)(h) of the Act (meaning of “statutory auditor” etc),
(b)section 1214(4) of the Act (power to specify connection between persons for purposes of independence requirement),
(c)section 1231(2)(a) (receipt of report by independent supervisor of auditors general),
(d)section 1231(3) of the Act (laying report by independent supervisor of auditors general before each House of Parliament),
(e)section 1237(3) of the Act (provision for pending proceedings in order revoking appointment of independent supervisor),
(f)section 1239(1)(b) of the Act (making regulations for register of third country auditors),
(g)section 1246 of the Act (regulations conferring power to remove third country auditors from the register of auditors),
(h)section 1261(3) of the Act (power to modify Part 42 of the Act (statutory auditors) for purposes of application to certain bodies), F1...
(i)section 1263 of the Act (power to amend enactments in consequence of changes affecting accountancy bodies),
[F2(j)section 1240A(1) of the Act (power to approve third countries as equivalent or transitional third countries), and
(k)section 1240B(1) of the Act (power to approve third country competent authorities),]
are not transferred by this Order.
(3) The transfer of the functions of the Secretary of State under—
(a)section 1224 of the Act (power to call for information from recognised bodies etc),
(b)section 1239(8) of the Act (obligations relating to register enforceable by injunction etc),
(c)section 1244 of the Act (power to call for information from registered third country auditors),
(d)section 1253A of the Act M1 (requests to foreign competent authorities), and
(e)section 1254 M2 of the Act (directions to comply with international obligations),
is subject to the reservation that these functions remain exercisable concurrently by the Secretary of State.
(4) The transfer of the functions of the Secretary of State of—
(a)refusing to make a declaration under section 1221(1) of the Act M3 (approval of [F3third country qualification]) on the grounds referred to in section 1221(4) (lack of comparable treatment),
(b)withdrawing such a declaration under section 1221(7) of the Act on those grounds,
(c)refusing to comply with a request under section 1253B(1) of the Act M4 (requests from [F4approved third country competent authorities]) on the grounds referred to in section 1253B(3)(a) (prejudice to sovereignty, security or public order), and
(d)refusing a request, or directing a statutory auditor to refuse a request, from a third country competent authority in a case referred to in section 1253E(7)(a) of the Act M5 (prejudice to sovereignty, security or public order),
is subject to the reservation that these functions are exercisable only with the consent of the Secretary of State.
(5) The transfer of the function of the Secretary of State under section 1241(2)(c) of the Act M6 (order to exclude bodies corporate from definition of “[F5UK-traded third country company]”) is subject to the reservations that this function remains exercisable concurrently by the Secretary of State and is exercisable by the designated body only with the consent of the Secretary of State.
[F6(6) In this article—
(a)the reference in paragraph (1) to the functions of the Secretary of State under Part 42 of the Companies Act 2006 includes a reference to functions which have been amended by the Statutory Auditors and Third Country Auditors Regulations 2016 [F7, the Statutory Auditors Regulations 2017 and the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019]; and
(b)references to provisions of the Companies Act 2006 in paragraphs (2) to (5) include amendments made to those provisions by the Statutory Auditors and Third Country Auditors Regulations 2016 [F8, the Statutory Auditors Regulations 2017 and the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019].]
Textual Amendments
F1Word in art. 7(2)(h) omitted (31.12.2020) by virtue of The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 57(a)(i); 2020 c. 1, Sch. 5 para. 1(1)
F2Art. 7(2)(j)(k) inserted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 57(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 7(4)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 57(b); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in art. 7(4)(c) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 57(c); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 7(5) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 57(d); 2020 c. 1, Sch. 5 para. 1(1)
F6Art. 7(6) inserted (17.6.2016) by The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), regs. 1(1)(a), 19(2)
F7Words in art. 7(6)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 57(e); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in art. 7(6)(b) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 57(e); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M1Section 1253A was inserted by regulation 14 of S.I. 2007/3494.
M2Section 1254 was amended by regulation 16 of S.I. 2007/3494.
M3Section 1221 was amended by regulation 6 of S.I. 2007/3494.
M4Section 1253B was inserted by regulation 14 of S.I. 2007/3494.
M5Section 1253E was inserted by regulation 15 of S.I. 2007/3494 and substituted by regulation 3 of S.I. 2010/2537.
M6Section 1241(2) was amended by regulation 31 of S.I. 2007/3494.