The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020 No. 108

PART 2 U.K. Amendments to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019

2.  The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 M1 are amended by this Part.

Commencement Information

I1 Reg. 2 in force at 31.21.2020 immediately before IP completion day, see reg. 1(2)(a)

Marginal Citations

M1 S.I. 2019/177; this S.I. is amended by S.I. 2019/1392.

3.  In Schedule 2 (approval of third country competent authorities), in Table 3—

(a) after the entry for “The Canadian Public Accountability Board” insert—

“The Ministry of Finance of the People's Republic of China	14 November 2024
The Securities Regulatory Commission of the People's Republic of China	14 November 2024”;

(b) omit the entry for “The Finance Professions Supervisory Centre of Indonesia”;

(c) in the entry for “The Independent Regulatory Board for Auditors of South Africa”, in column 2 for “31 July 2019” substitute “[F1 30 April 2026]”.

Textual Amendments

F1 Words in reg. 3(c) substituted (31.12.2020 immediately before reg. 3 comes into force) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) (No. 2) Regulations 2020 (S.I. 2020/1247), regs. 1(2)(a), 3(2)

Commencement Information

I2 Reg. 3 in force at 31.12.2020 immediately before IP completion day, see reg. 1(2)(a)

4.  In Schedule 4 (transitional provision)—

(a) in paragraph 1, before sub-paragraph (a) insert—

“(za) regulations 4 and 50(b); ”;M2

(b) after paragraph 1 insert—

“1A.   In its continuing application in relation to audits of accounts for financial years that begin before IP completion day, section 479A(1)(b) of the Companies Act 2006 M3 (including as modified by regulation 34A of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 M4 ) must be treated as if the reference to a parent undertaking being established under the law of an EEA State included a reference to a parent undertaking being established under the law of any part of the United Kingdom.”.

Commencement Information

I3 Reg. 4 in force at 31.12.2020 immediately before IP completion day, see reg. 1(2)(a)

Marginal Citations

M2 These transitional provisions relate to amendments made to the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019, S.I. 2019/177, by regulations 4 and 7 of the Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019, S.I. 2019/1392, which were made under section 484(1) of the Companies Act 2006 and section 15 of the Limited Liability Partnerships Act 2000 respectively.

M3 Section 479A was inserted by regulation 7 of S.I. 2012/2301, and relevantly amended by S.I. 2019/177.

M4 S.I. 2008/1911; regulation 34A was inserted by regulation 20(4) of S.I. 2012/2301, and relevantly amended by S.I. 2019/177.