# The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020, Regulation 8: Conditions for grant of approval

Extent: E+W+S+N.I.

(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.

---
Source: https://www.legislation.gov.uk/uksi/2020/108/regulation/8 (the official version)
Page: https://openlegislation.uk/statutory-auditors-and-third-country-auditors-amendment-eu-exit-regulations-2020/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.