Paragraph 1

for “the Standards adopted according to the Regulation (EC) No 1606/2002)” substitute “UK-adopted international accounting standards or UK accounting standards)”;

for “the respective standard adopted according to Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards or UK accounting standards”.

in the first subparagraph, omit the third, fourth and fifth sentences;

after the first subparagraph insert—

“In relation to a financial year beginning on or before the day on which exit day falls, such financial information must be prepared as mentioned in Article 35.

In relation to a financial year beginning after the day on which exit day falls, for issuers established in the United Kingdom, such financial information must be prepared in accordance with—

(a)

UK-adopted international accounting standards, or

(b)

if those standards are not applicable, UK accounting standards.

In relation to a financial year beginning after the day on which exit day falls, for issuers established in a country outside the United Kingdom, such financial information must be prepared in accordance with—

(a)

UK-adopted international accounting standards,

(b)

one of the accounting standards referred to in Article 35(5), or

(c)

national accounting standards of that country that are equivalent to UK-adopted international accounting standards.

For an issuer established in a country outside the United Kingdom, if such financial information is not prepared in accordance with the required standards, it must be presented in the form of restated financial statements.”;

in the subparagraph beginning “If the issuer has been operating”, for the words from “the standards applicable” to the end of the second sentence substitute “the standards that would apply under the second, third or fourth subparagraph to an annual financial statement in respect of a financial year beginning at the time when that period began.”;

in the final subparagraph, for “a Member State” substitute “the United Kingdom”.