Section 1223A Notification of matters relevant to approved third country competent authoritiesF1F7
United Kingdom
A recognised supervisory body must notify the Secretary of State—
if a notifiable person becomes eligible for appointment as a statutory auditor, unless the notifiable person is an individual;
if a notifiable person’s eligibility for appointment as a statutory auditor is withdrawn;
of the reasons for any such withdrawal.
A recognised supervisory body must also notify the Secretary of State of any reasonable grounds it has for suspecting that—
a person has contravened the law of the United Kingdom, or F3an equivalent third country or transitional third country, and
the act or omission constituting that contravention took place on the territory of an F4equivalent third country or transitional third country.
In this section “ notifiable person ” means a member of the recognised supervisory body in question—
who is also F5a third country auditor that has been approved by an approved third country competent authority; and
in respect of whom the F6approved third country competent authority is not the recognised supervisory body itself.
Annotations
Textual amendments
- F1
S. 1223A inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 7(1) (with reg. 7(2) (as amended by S.I. 2008/499, reg. 2(3)))
- F2
S. 1223A(1) substituted (17.6.2016) by The Statutory Auditors and Third Country Auditors Regulations 2016 (S.I. 2016/649), reg. 1(1)(a), Sch. 3 para. 32(2)
- F3
Words in s. 1223A(2)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 12(b)(i); 2020 c. 1, Sch. 5 para. 1(1)
- F4
Words in s. 1223A(2)(b) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 12(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)
- F5
Words in s. 1223A(3)(a) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 12(c)(i); 2020 c. 1, Sch. 5 para. 1(1)
- F6
Words in s. 1223A(3)(b) substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 12(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)
- F7
Words in s. 1223A heading substituted (31.12.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/177), regs. 2, 12(a); 2020 c. 1, Sch. 5 para. 1(1)
Notes on Part 42
Modifications
- C1
Pt. 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)
- C2
Pt. 42 modified (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 43
- C3
Pt. 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)
- C4
Pt. 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)
- C5
Pt. 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)