{
  "url": "https://openlegislation.uk/draft-statutory-auditors-and-third-country-auditors-regulations-2016/schedule-3/paragraph-12",
  "json_url": "https://openlegislation.uk/draft-statutory-auditors-and-third-country-auditors-regulations-2016/schedule-3/paragraph-12.json",
  "legislation": "ukdsi/2016/9780111147047",
  "legislation_title": "The Statutory Auditors and Third Country Auditors Regulations 2016",
  "legislation_url": "https://openlegislation.uk/draft-statutory-auditors-and-third-country-auditors-regulations-2016",
  "path": "schedule/3/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": null,
  "text": "After section 494 (disclosure of services provided by auditor or associates and related remuneration) insert—\n“Interpretation\n494A In this Chapter—\n“audit committee” means a body which performs the functions referred to in Article 39(6) of the Audit Directive or equivalent functions;\n“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;\n“Auditor General” means—\n(a) the Comptroller and Auditor General,\n(b) the Auditor General for Scotland,\n(c) the Auditor General for Wales, or\n(d) the Comptroller and Auditor General for Northern Ireland;\n“issuer” has the same meaning as in Part 6 of the Financial Services and Markets Act 2000 (see section 102A(6));\n“network” means an association of persons other than a firm co-operating in audit work by way of—\n(a) profit-sharing;\n(b) cost sharing;\n(c) common ownership, control or management;\n(d) common quality control policies and procedures;\n(e) common business strategy; or\n(f) use of a common name;\n“public interest company” means—\n(a) an issuer whose transferable securities are admitted to trading on a regulated market;\n(b) a credit institution within the meaning given by Article 4(1)(1) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council, 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;\n(c) an insurance undertaking within the meaning given by Article 2(1) of Council Directive 1991/674/EEC of the European Parliament and of the Council on the annual accounts and consolidated accounts of insurance undertakings;\n“regulated market” has the same meaning as in Part 6 of the Financial Services and Markets Act 2000 (see section 103(1));\n“transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 157/87 09.06.06. This Directive was amended by Directives 2008/30/EC, 2013/34/EU and 2014/56/EU."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "2000 c. 8."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Section 102A was inserted by S.I. 2005/1433 and amended by S.I. 2015/1755."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "O.J. L176 27.06.2013, p.1-337."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "O.J. L176 27.06.2013, p. 338-436."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "O.J. L374 31.12.1991 p. 7-31."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "Section 103 was substituted by S.I. 2005/1433 and amended by paragraphs 1 and 11 of Schedule 15 to the Companies Act 2006 (c. 46). There are other amendments but none is relevant."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "O.J. L145 30.04.2004, p. 1-44."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2016/9780111147047/schedule/3/paragraph/12",
    "retrieved_at": "2026-10-30T15:08:11.802976+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}