(1) Section 290(7) shall apply to a traded company as if the following paragraph were substituted for paragraph (b):
"(b) the company ceases to be a company with securities admitted to trading on a regulated market in an EEA state; or".
(2) In a case where a traded company has, at the end of its financial year, securities of it admitted to trading on a regulated market in an EEA state section 293 shall apply to it as if -
(a) the following subsection were substituted for subsection (3):
"(3) A company that is required to prepare group financial statements shall prepare the statements in accordance with international financial reporting standards and section 295.";
(b) the following subsection were substituted for subsection (4):
"(4) Group financial statements prepared in accordance with international financial reporting standards and section 295 shall be known, and are in this Act referred to, as ‘IFRS group financial statements’.";
and
(c) subsections (5) to (8) were omitted.
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