Regulation 13 Conditions for grant of approvalI1

United Kingdom

(1)

The Secretary of State may not grant to a third country competent authority—

(a)

approval as an approved third country competent authority unless the Secretary of State is satisfied that condition A is met; or

(b)

provisional approval as an approved third country competent authority unless the Secretary of State is satisfied that condition B is met.

(2)

Condition A is that the third country competent authority is adequate in relation to its ability to co-operate with the competent authority on the exchange of audit working papers and investigation reports.

(3)

Condition B is that it is likely that—

(a)

the third country competent authority is adequate in relation to its ability to co-operate with the competent authority on the exchange of audit working papers and investigation reports; and

(b)

that adequacy can reasonably be expected to have been established before the end of the period of provisional approval.

Annotations

Commencement

I1: Reg. 13 in force at 21.2.2020, see reg. 1(2)(b)