(1) Notwithstanding that section 358 is complied with, a company is not entitled to the audit exemption referred to in that section if the company is a relevant securitisation company.
(2) Notwithstanding that section 359 is complied with, a holding company and the other members of the group are not entitled to the audit exemption referred to in that section if -
(a) the holding company is a relevant securitisation company, or
(b) any of those other members is a relevant securitisation company.
(3) In this section "relevant securitisation company" means -
(a) a qualifying company within the meaning of section 110 of the Taxes Consolidation Act 1997; or
(b) a financial vehicle corporation ("FVC") within the meaning of -
(i) in the period before 1 January 2015, Article 1(1) of Regulation (EC) No. 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions; or
(ii) sub
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