# The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2018, Regulation 51: Amendment of Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008


In Part 11 (appointment of auditors)—
(a) in regulation 38A (the maximum engagement period), in the modified section 494ZA—
(i) in subsection (5)(a)(ii), for “Article 16(3) and (4) of the Audit Regulation” substitute “section 485B(4)”;
(ii) in subsection (5)(b), after “Audit Regulation” insert “as it had effect immediately before exit day”;
(b) in regulation 38B (interpretation), in the modified section 494A—
(i) for the definition of “audit committee” substitute—
““audit committee” means a body which performs—
(a) the functions referred to in—
(i) rule 7.1.3 of the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority (audit committees and their functions) under the Financial Services and Markets Act 2000, or
(ii) rule 2.4 of the Audit Committee Part of the Rulebook made by the Prudential Regulation Authority under that Act,
as they have effect on exit day, or
(b) equivalent functions.”;
(ii) in the definition of “public interest entity”—
(aa) in paragraph (a), for “regulated market” substitute “UK regulated market”;
(bb) in paragraph (b), for “other than one listed in Article 2 of Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit institutions and investment firms” substitute “which is a CRR firm within the meaning of Article 4(1)(2A) of that Regulation”;
(iii) omit the definitions of “regulated market” and “transferable securities”.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111174333/regulation/51 (the official version)
Page: https://openlegislation.uk/draft-statutory-auditors-and-third-country-auditors-amendment-eu-exit-regulations-2018/regulation-51
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.