(1) These Regulations may be cited as the Statutory Auditors and Third Country Auditors Regulations 2016 and come into force -

(a) on 17th June 2016, if the Regulations are made on or before 16th June 2016;

(b) on the day after the day on which the Regulations are made, if they are made on or after 17th June 2016.

(2) The following provisions of Schedule 3 to these Regulations apply in relation to financial years beginning on or after 17th June 2016 -

(a) Part 3;

(b) paragraphs 43 to 49;

(c) in paragraph 51 -

(i) sub-paragraph (2)(a), in so far as it relates to the insertion of the definition of "audit working papers and investigation reports";

(ii) sub-paragraphs (2)(c) and (e);

(d) in paragraph 52 -

(i) sub-paragraph (2), in so far as it relates to the insertion of the entry relating to "audit working papers and investigations reports";

(ii) sub-paragraph (3);