The Act of 2003 is amended -
(a) in section 4(1), by substituting the following definition for the definition of "recognised accountancy body":
"'recognised accountancy body' means a body of accountants -
(a) recognised, or
(b) deemed, by virtue of section 191(3) or (4) of the Act of 1990, to be recognised,
by the Supervisory Authority for the purposes of -
(i) section 187 of the Act of 1990, or
(ii) the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010;"; and
(b) in section 9(2), by inserting the following paragraph after paragraph (ma) (inserted by the Investment Funds, Companies and Miscellaneous Provisions Act 2006 (No. 41 of 2006)):
"(mb) to perform the functions (and in particular the functions of public oversight) conferred on it by the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010;".