Regulation 4 Amendments to regulation 60DA (trade: exceptions relating to professional and business services)

in paragraph (5)(a), for “subsidiary undertaking”, substitute “UK subsidiary undertaking”;

after paragraph (5), insert—

“(5A)

The prohibitions in regulation 54C, in so far as they relate to auditing services, are not contravened by any act done by a person (“P”)—

(a)

in satisfaction of an obligation arising from the appointment of P as the auditor of a UK undertaking (“U”) in respect of the provision of those services to U in relation to the discharge of or compliance with UK statutory or regulatory obligations, and

(b)

which results in the provision of those services directly or indirectly to a person connected with Russia in that person’s capacity as a member of U.”;

after paragraph (7), insert—

“(7A)

The prohibitions in regulation 54C are not contravened by any act done by a person as part of the provision of expert evidence provided in, or in anticipation of—

(a)

any proceedings before administrative agencies, courts or other duly constituted official tribunals, or

(b)

in any arbitral or mediation proceedings.”;

in paragraph (9), after the definition of “subsidiary undertaking”, insert—

• ““UK subsidiary undertaking” means a subsidiary undertaking that is incorporated or formed under the law of the United Kingdom;

• “UK undertaking” means an undertaking within the meaning given in section 1161 of the Companies Act 2006^f2 that is incorporated or formed under the law of the United Kingdom.”.