In section 78A (interpretation of Part 6) [Section 78A was inserted by S.I. 2005/2211, and subsection (3) was inserted by S.I. 2008/948. There are other amendments but none is relevant.], for subsection (3) substitute -

"(3) References in this Part to a friendly society to which the Audit Directive applies are to a friendly society that is -

(a) an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings [OJ No. L 374 31.12.91, p.7.], or

(b) an issuer whose transferable securities are admitted to trading on a regulated market.

(4) In subsection (3) -

(a) "issuer" and "regulated market" have the same meaning as in Part 6 of the Financial Services and Markets Act 2000 [2000 c. 8. See sections 102A(6) and 103(1).]; and

(b) "transferable securities" means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments [OJ No. L 145 30.04.04, p. 1.].".