http://www.legislation.gov.uk/uksi/2016/571The Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016texttext/xmlenStatute Law DatabaseCOMPANIES2024-05-16Expert Participation2021-05-06 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. 2016 No. 571CompaniesThe Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016Made10th May 2016Laid before Parliament10th May 2016Coming into force1st June 2016The 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 , makes the following Regulations:Citation and commencement1These 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 liability21The exemption from liability in subsections (3) and (4) of section 18A (power to confer exemption from liability) of the Act applies to—athe Financial Reporting Council Limited, ...b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .in accordance with paragraph (2) .2The section 16(2) activities 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 subsection 2(a) to (t) of section 16 (grants to bodies concerned with accounting standards etc) of the Act.3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4In this regulation “the Act” means the Companies (Audit, Investigations and Community Enterprise) Act 2004.Neville-Rolfe Parliamentary Under Secretary of State for Business, Innovation and Skills
Department for Business, Innovation and Skills

(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.

2004 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”.“Section 16(2) activities” is defined in section 18A(5) of the Companies (Audit, Investigations and Community Enterprise) Act 2004.Words 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)Reg. 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)Words 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)Reg. 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)