Regulation 7 Schedule 11: Auditors: appointment, tenure

in sub-paragraph (1), for the definition of “audit committee”, substitute—

• ““audit committee” means a body which performs—

  1. (a)

     the functions referred to in—

     1. (i)

        rule 7.1.3 of the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority under the Financial Services and Markets Act 2000; or

     2. (ii)

        rule 2.4 of the Audit Committee Part of the Rulebook made by the Prudential Regulation Authority under that Act; or

  2. (b)

     equivalent functions;”;

after sub-paragraph (1), insert—

“(1A)

For the purposes of the definition of “audit committee”, references to rules made by the Prudential Regulation Authority or the Financial Conduct Authority are to those rules as they have effect on exit day.”