Modifications etc. (not altering text)
C1Pt. 42 applied (with modifications) (4.4.2014 for specified purposes, 16.12.2014 in so far as not already in force) by Local Audit and Accountability Act 2014 (c. 2), s. 49(1), Sch. 5 paras. 1-27 (with Sch. 13 para. 11); S.I. 2014/900, art. 2(j); S.I. 2014/3319, art. 2(e) (as amended: (31.12.2020) by S.I. 2019/177, regs. 2, 57; 2020 c. 1, Sch. 5 para. 1(1) and S.I. 2019/504, regs. 1(2), 3-6; 2020 c. 1, Sch. 5 para. 1(1); and (1.7.2022) by 2022 c. 31, s. 186(6), Sch. 4 para. 216, Sch. 7 para. 28; S.I. 2022/734, reg. 2(a), Sch. (with regs. 13, 29, 30); and (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 82)
C2Pt. 42 modified (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 43
C3Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)
C4Pt. 42 applied (with modifications) (15.8.2008) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950), reg. 6(5)
C5Pt. 42: functions transferred in part (2.7.2012) by The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (S.I. 2012/1741), arts. 1(2), 7, 8, 9 (with art. 16)
Textual Amendments
F1Pt. 42 Chs. 4A, 4B inserted (13.11.2019) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2(a), 14 (as amended by S.I. 2019/1392, regs. 1(2), 3)
(1)The Secretary of State may by regulations grant to a third country, or make provision for the grant to a third country of—
(a)approval as an equivalent third country,
(b)provisional approval, for a period of up to seven years, as an equivalent third country, or
(c)transitional approval, for a period of up to seven years, as a transitional third country,
in relation to the comparability of the third country’s audit regulatory regime to the audit regulatory regime of the United Kingdom.
(2)Regulations under subsection (1) may (among other things)—
(a)specify the procedure for assessing the audit regulatory regime of a third country;
(b)set out the considerations which must be taken into account, or may be taken into account, by the Secretary of State when determining—
(i)whether the third country has an audit regulatory regime comparable to that of the United Kingdom,
(ii)whether to grant approval, provisional approval or transitional approval, and
(iii)the period for which provisional approval or transitional approval should be granted;
(c)specify the procedure for the granting of approval, provisional approval or transitional approval;
(d)set out a list of third countries that have been granted approval, provisional approval or transitional approval;
(e)make provision for the amendment, suspension or withdrawal of approval, provisional approval or transitional approval.
(3)In this section, “audit regulatory regime” in relation to a country or territory, means the system of public oversight, quality assurance, investigations and sanctions for auditors in that country or territory.
(4)Regulations under this section are subject to negative resolution procedure.]