Regulation 7

For regulation 50(b) substitute—

“(b)

in regulation 34A (exemption from audit: qualifying subsidiaries)^f1, in the modified section 479A—

(i)

in subsection (1)(b), for “an EEA State” substitute “any part of the United Kingdom”;

(ii)

in subsection (2)(c), for sub-paragraph (i) substitute—

“(i)

if the undertaking is a company, the requirements of Part 15 of this Act, or, if the undertaking is not a company, the legal requirements which apply to the drawing up of consolidated accounts for that undertaking, or”;

(c)

in regulation 34A, in the modified section 479C(2)—

(i)

for paragraph (b) substitute—

“(b)

the registered number (if any) of the parent undertaking,”;

(ii)

omit paragraph (c).”.