Paragraph 15 Friendly Societies Act 1992 (c.40)

Section 78A of the Friendly Societies Act 1992^f1 (interpretation of Part 6: accounts and audit) is amended as follows.

In subsection (1), at the appropriate place insert—

• ““the Audit Directive” means Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (as to friendly societies to which the Directive applies, see subsection (3) below);”;

After subsection (2) insert—

“(3)

References in this Part to a friendly society to which the Audit Directive applies are to a friendly society that is an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings.”.