
PART 1
1 

(1) These Regulations may be cited as the Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019.
(2) These Regulations come into force immediately before exit day, except for regulations 2 and 3 which come into force 21 days after the day on which these Regulations are made.
PART 2
2 
The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019  are amended in accordance with this Part.
3 
In regulation 2, for  “Part 5 which comes into force 21 days after the day on which it is made” substitute—“
(a) regulation 14, which comes into force 21 days after the day on which the Statutory Auditors, Third Country Auditors and International Accounting Standards (Amendment) (EU Exit) Regulations 2019 are made; and
(b) Part 5, which comes into force on 22 February 2019”.
4 
For regulation 4 substitute—“
4 
In section 479A (subsidiary companies: conditions for exemption from audit) —
(a) in subsection (1)(b), for  “an EEA State” substitute “
                        any part of the United Kingdom
                      ”;
(b) 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”.
4A 
In section 479C(2) (subsidiary companies audit exemption: parent undertaking declaration of guarantee) —
(a) for paragraph (b) substitute—“
(b) the registered number (if any) of the parent undertaking,”;
(b) omit paragraph (c).”.
5 
In regulation 16, after paragraph (b) insert—“
(c) in subsection (4)(b)—
(i) for  “UK-traded non-EEA company” substitute “
                        UK-traded third country company
                      ”;
(ii) for  “UK-traded non-EEA companies” substitute “
                        UK-traded third country companies
                      ”;
(d) in subsection (4)(c)—
(i) for  “UK-traded non-EEA company” substitute “
                        UK-traded third country company
                      ”;
(ii) for  “UK-traded non-EEA companies” substitute “
                        UK-traded third country companies
                      ”.”.
6 
In regulation 28(b), for paragraph (b) of inserted sub-paragraph (1A) substitute—“
(b) the individual is an EEA auditor who—
(i) on or before  IP completion day, holds a professional qualification which does not cover all those subjects,
(ii) on or before  IP completion day, has been approved by the body or is in the process of seeking approval from the body, and
(iii) has met whichever of the requirements of sub-paragraph (1B) is specified in the body's rules.”.
7 
For regulation 50(b) substitute—“
(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).”.
8 
In regulation 100(b)(ii)(bb), in substituted point (a), for “
              which
            ” substitute “other than those which,”.
PART 3
9 
The Accounts and Reports (Amendment) (EU Exit) Regulations 2019  are amended in accordance with this Part.
10 
In Schedule 2 (amendments made under the European Union (Withdrawal) Act 2018: primary legislation)—
(a) in paragraph 6, for sub-paragraph (a) substitute—“
(a) for paragraph (b), substitute—“
(b) the registered number (if any) of the parent undertaking,”; and”;
(b) in paragraph 14, for sub-paragraph (a) substitute—“
(a) for paragraph (b), substitute—“
(b) the registered number (if any) of the parent undertaking,”; and”.
PART 4
11 
The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019  are amended in accordance with this Part.
12 
In Schedule 2 (revocations)—
(a) after entry 54 insert—“
54A. Commission Regulation (EU) 2017/1986 of 31 October 2017 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 16”
(b) after entry 61 insert—“
61A. Commission Regulation (EU) 2018/498 of 22 March 2018 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 9”
(c) after entry 62 insert—“
63. Commission Regulation (EU) 2018/1595 of 23 October 2018 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards Interpretation 23 of the International Financial Reporting Interpretations Committee
64. Commission Regulation (EU) 2019/237 of 8 February 2019 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 28
65. Commission Regulation (EU) 2019/402 of 13 March 2019 amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 19
66. Commission Regulation (EU) 2019/412 of 14 March 2019 on amending Regulation (EC) No. 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council as regards International Accounting Standards 12 and 23 and International Financial Reporting Standards 3 and 11”
Kelly Tolhurst

Parliamentary Under Secretary of State

Department for Business, Energy and Industrial Strategy
