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The Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016
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- 01/06/2016- Amendment
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- 06/05/2021- Amendment
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Statutory Instruments
2016 No. 571
Companies
The Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016
Made
10th May 2016
Laid before Parliament
10th May 2016
Coming into force
1st June 2016
The Secretary of State, in exercise of the powers conferred by section 18A(1) and (3) of the Companies (Audit, Investigations and Community Enterprise) Act 2004 F1, makes the following Regulations:
F12004 c. 27. Section 18A was inserted by section 38 of the Small Business, Enterprise and Employment Act 2015 (c. 26); see section 18A(5) for the definition of “specified”.
Citation and commencementU.K.
1. These Regulations may be cited as the Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016, and come into force on 1st June 2016.
Exemption from liabilityU.K.
2.—(1) The exemption from liability in subsections (3) and (4) of section 18A (power to confer exemption from liability) of the Act applies to—
(a)the Financial Reporting Council Limited, F2...
F2(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
in accordance with [F3paragraph (2)] .
(2) The section 16(2) activities F4 which are specified under section 18A(3) of the Act in relation to the exemption from liability provided for under paragraph (1)(a) are the activities within [F5subsection 2(a) to (t) of section 16] (grants to bodies concerned with accounting standards etc) of the Act.
F6(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) In this regulation “the Act” means the Companies (Audit, Investigations and Community Enterprise) Act 2004.
F2Reg. 2(1)(b) and word omitted (6.5.2021) by virtue of The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Reports) (Authorised Person) Order 2021 (S.I. 2021/465), arts. 1(2), 8(a)(i) (with art. 9)
F3Words in reg. 2(1) substituted (6.5.2021) by The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Reports) (Authorised Person) Order 2021 (S.I. 2021/465), arts. 1(2), 8(a)(ii) (with art. 9)
F4“Section 16(2) activities” is defined in section 18A(5) of the Companies (Audit, Investigations and Community Enterprise) Act 2004.
F5Words in reg. 2(2) substituted (6.5.2021) by The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Reports) (Authorised Person) Order 2021 (S.I. 2021/465), arts. 1(2), 8(b) (with art. 9)
F6Reg. 2(3) omitted (6.5.2021) by virtue of The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Reports) (Authorised Person) Order 2021 (S.I. 2021/465), arts. 1(2), 8(c) (with art. 9)
Neville-Rolfe
Parliamentary Under Secretary of State for Business, Innovation and Skills
Department for Business, Innovation and Skills
Explanatory Note
(This note is not part of the Regulations)
These Regulations grant, to the Financial Reporting Council Limited and the Conduct Committee of that body, exemption from liability in damages in respect of certain activities that they carry out (or purport to carry out) for the purposes of, or in connection with, setting and monitoring the issue of, and compliance with, auditing standards for companies.
An impact assessment has not been produced for this instrument as it has no impact on business, charities, voluntary bodies or the public sector.
An explanatory memorandum is available alongside the instrument on www.legislation.gov.uk.
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