Regulation 50 I1

United Kingdom

In Part 10 (audit requirement)—

(a)

in regulation 34 (exemption from audit: small LLPs), in the modified section 478(a), for “regulated market in an EEA State” substitute “ UK regulated market ”;

F1(b)

in regulation 34A (exemption from audit: qualifying subsidiaries), 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).

Annotations

Textual amendments

F1: Reg. 50(b)(c) substituted for reg. 50(b) (31.12.2020 immediately before IP completion day) by The Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1392), regs. 1(2), 7; 2020 c. 1, Sch. 5 para. 1(1)

Commencement

I1: Reg. 50 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 2