(1) In this Part a "supervisory body" means a body established in the United Kingdom (whether a body corporate or an unincorporated association) which maintains and enforces rules as to - (a) the eligibility of persons for appointment as a statutory auditor, and (b) the conduct of statutory audit work, which are binding on persons seeking appointment or acting as a statutory auditor because they are members of that body.

(1A) The rules referred to in paragraphs 9(1A) and 10C(3) (bar on appointment as director or other officer), paragraph 9(3)(b) (confidentiality of information) and paragraph 12(3)(b)(v) (temporary prohibition from exercising functions in a firm) of Schedule 10 must also be binding on persons who -

(a) have sought appointment or acted as a statutory auditor, and

(b) have been members of the body at any time after the commencement of this Part.