Paragraph 4

in the first subparagraph, omit the third, fourth and fifth sentences and points (a) and (b);

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 according to the required standards, the following information must be included in the registration document—

(a)

a prominent statement that the financial information included in the registration document has not been prepared—

(i)

in the case of a financial year beginning on or before the day on which exit day falls, in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, or

(ii)

in the case of a financial year beginning after the day on which exit day falls, in accordance with UK-adopted international accounting standards, and

(b)

immediately following the historical financial information, a narrative description of the differences between whichever of those international standards is relevant and the accounting principles adopted by the issuer in preparing its annual financial statements.”;

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