# The Statutory Auditors and Third Country Auditors Regulations 2016, Regulation 21: Exclusion of large debt securities issuer from definition of “UK-traded third country company”


(1) A large debt securities issuer is excluded from the definition of “UK-traded third country company” for the purposes of Part 42 of the Act.
(2) In paragraph (1) “large debt securities issuer” means a body corporate whose only issued transferable securities admitted to trading on a UK regulated market are debt securities, the denomination per unit of which is not less than—
(a) £35,000 or an equivalent amount, in the case of securities admitted to trading on a UK regulated market before 31st December 2010,
(b) £70,000 or an equivalent amount, in the case of securities admitted to trading on a UK regulated market on or after 31st December 2010.
(3) In paragraph (2)—
“an equivalent amount” means an amount of a currency other than pounds Sterling which at the date the security was issued was equivalent to the relevant amount of pounds Sterling; and
“debt securities” has the same meaning as in Article 2(1)(b) of Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/43/EC.
(4) Regulation 43 of the Statutory Auditors and Third Country Auditors Regulations 2007 is revoked.

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Source: https://www.legislation.gov.uk/uksi/2016/649/regulation/21 (the official version)
Page: https://openlegislation.uk/statutory-auditors-and-third-country-auditors-regulations-2016/regulation-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.