Regulation 8 Conditions for grant of approvalI1

United Kingdom

(1)

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

(a)

approval as an equivalent third country unless the Secretary of State is satisfied that condition A is met;

(b)

provisional approval as an equivalent third country unless the Secretary of State is satisfied that condition B is met; or

(c)

transitional approval as a transitional third country unless the Secretary of State is satisfied that condition C is met.

(2)

Condition A is that the third country has an audit regulatory regime that is comparable to that of the United Kingdom.

(3)

Condition B is that it is likely that—

(a)

the third country has an audit regulatory regime that is comparable to that of the United Kingdom; and

(b)

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

(4)

Condition C is that it is likely that—

(a)

the third country's audit regulatory regime will be comparable to that of the United Kingdom before the end of the period of transitional approval; or

(b)

the third country will make acceptable progress towards its audit regulatory regime being so comparable before the end of the period of transitional approval.

Annotations

Commencement

I1: Reg. 8 in force at 21.2.2020, see reg. 1(2)(b)