Section 2 of the Principal Act is amended, in subsection (1) -
(a) in the definition of "statutory auditor", by the substitution of "2016 Audits Regulations, and includes a firm registered in accordance with Regulation 38 of those Regulations" for "European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010 (S.I. No. 220 of 2010)", and
(b) by the insertion of the following definition:
"'2016 Audits Regulations' means the European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. [-] of 2016);".