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Companies Act 2006

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[F1519AMeaning of “public interest company”, “non-public interest company” and “exempt reasons”U.K.
This adran has no associated Nodiadau Esboniadol

(1)In this Chapter—

  • [F2“public interest company” means a company which is—

    (a)

    an issuer whose transferable securities are admitted to trading on a [F3UK regulated market];

    (b)

    a credit institution within the meaning given by Article 4(1)(1) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council, [F4which is a CRR firm within the meaning of Article 4(1)(2A) of that Regulation]; or

    (c)

    [F5a person who would be an insurance undertaking as defined in Article 2(1) of Council Directive 91/674/EEC of 19 December 1991 of the European Parliament and of the Council on the annual accounts and consolidated accounts of insurance undertakings as that Article had effect immediately before IP completion day, were the United Kingdom a member State;]]

[F6(2)For the purposes of the definition of “public interest company”—

  • “issuer” has the same meaning as in Part 6 of the Financial Services and Markets Act 2000 (see section 102A(6));

  • F7...

  • F7...]

(3)In the application of this Chapter to an auditor (“A”) of a company ceasing to hold office, the following are “exempt reasons”—

(a)A is no longer to carry out statutory audit work within the meaning of Part 42 (see section 1210(1));

(b)the company is, or is to become, exempt from audit under section 477, 479A or 480, or from the requirements of this Part under section 482, and intends to include in its balance sheet a statement of the type described in section 475(2);

(c)the company is a subsidiary undertaking of a parent undertaking that is incorporated in the United Kingdom and—

(i)the parent undertaking prepares group accounts, and

(ii)A is being replaced as auditor of the company by the auditor who is conducting, or is to conduct, an audit of the group accounts;

(d) the company is being wound up under Part 4 of the Insolvency Act 1986 or Part 5 of the Insolvency (Northern Ireland) Order 1989 ( S.I. 1989/2405 (N.I. 19)), whether voluntarily or by the court, or a petition under Part 4 of that Act or Part 5 of that Order for the winding up of the company has been presented and not finally dealt with or withdrawn.

(4)But the reason described in subsection (3)(c) is only an exempt reason if the auditor who is conducting, or is to conduct, an audit of the group accounts is also conducting, or is also to conduct, the audit (if any) of the accounts of each of the subsidiary undertakings (of the parent undertaking) that is incorporated in the United Kingdom and included in the consolidation.

(5)The Secretary of State may by order amend the definition of “public interest company” in subsection (1).

(6)An order under subsection (5) is subject to negative resolution procedure.]

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