Regulation 32 Article 12 of Regulation (EC) No 550/2004I1

United Kingdom

(1)

Article 12 (transparency of accounts) is amended as follows.

(2)

In paragraph 1 for “the international accounting standards adopted by the Community” substitute “ international accounting standards within the meaning of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (see Article 2 of that Regulation) ”.

(3)

In paragraph 3 omit the words beginning with “, broken down” and ending with “Article 14”.

(4)

In paragraph 4—

(a)

for “Member States shall designate the competent authorities that” substitute “ The national supervisory authority ”, and

(b)

for “their responsibility” substitute “ the responsibility of the United Kingdom ”.

(5)

Omit paragraph 5.

Annotations

Commencement

I1: Reg. 32 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)