Regulation 22 Exemption from audit: qualifying subsidiariesI1

Regulation 34A^f1 (exemption from audit: qualifying subsidiaries) is amended as follows.

In section 479A(2)(c) (subsidiary LLPs: conditions for exemption from audit), for sub-paragraph (i) substitute—

“(i)

the provisions of Directive 2013/34/EU of 26 June 2013 on the annual financial statements etc. of certain types of undertakings, or”.

In section 479B (LLPs excluded from the subsidiary audit exemption), before paragraph (a) insert—

“(za)

a traded LLP as defined in section 474(1),”.