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Statutory Auditors and Third Country Auditors Regulations 2016 [SI 2016 No. 649]Introductory TextPart 1 Introduction (regs. 1-2)Regulation 1 Citation, commencement and applicationRegulation 2 InterpretationPart 2 The Competent Authority (regs. 3-11)Regulation 3 The competent authorityRegulation 4 General requirements of auditorsRegulation 5 The competent authority: sanctioning powersRegulation 6 Publication of sanctions and measuresRegulation 7 Enforcement of sanctionsRegulation 8 Recovery of financial penaltiesRegulation 9 Monitoring of audits by the competent authorityRegulation 10 Investigation powersRegulation 11 Performance, monitoring and enforcement of third country audit functionsPart 3 Restrictions on choice of Auditor (reg. 12)Regulation 12 Contractual terms restricting choice of auditorPart 4 Miscellaneous (regs. 13-24)Regulation 13 Power to grant exemptions from the requirements of Article 4(2) of the Audit Regulation (limit on total fees charged for non-audit services)Regulation 13A Provision of non-audit servicesRegulation 14 Amendment to the Partnerships (Accounts) Regulations 2008Regulation 15 Amendments to the Companies Act 2006Regulation 16 Amendments to the Building Societies Act 1986Regulation 17 Amendments to other enactmentsRegulation 18 Amendment of the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008Regulation 19 Amendments to the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012Regulation 20 Amendment of the Statutory Auditors and Third Country Auditors Regulations 2013Regulation 21 Exclusion of large debt securities issuer from definition of "UK-traded third country company"Regulation 22 Amendment of the Companies Act (Transfer of Audit Working Papers to Third Countries) Regulations 2010Regulation 23 Amendment to the Companies (Bodies Concerned with Auditing Standards etc.) (Exemption from Liability) Regulations 2016Regulation 24 ReviewSchedule 1 Requirements for professional ethics, independence, objectivity, confidentiality, auditing standards and audit reporting (paras. 1-16)Schedule 2 Investigation Powers (paras. 1-5)Schedule 3 Amendments to the Companies Act 2006Schedule 3, Part 1 Introductory (paras. 1-2)Schedule 3, Part 2 Amendment to Part 15 of the Companies Act 2006 (para. 3)Schedule 3, Part 3 Amendments to Chapters 2 to 4 of Part 16 of the Companies Act 2006 (paras. 4-26)Schedule 3, Part 4 Amendments to Part 38 of the Companies Act 2006 (para. 27-28)Schedule 3, Part 5 Amendments to Part 42 of the Companies Act 2006 (paras. 29-73)Schedule 4 Amendments to Part 8 of the Building Societies Act 1986Schedule 4, Part 1 Introductory (para. 1)Schedule 4, Part 2 Amendments to Part 8 of the Building Societies Act 1986 (paras. 2-8)Schedule 5 Amendments to other enactments (paras. 1-2)SignatureExplanatory NoteExplanatory MemorandumImpact Assessment
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 3 of 3

Regulation 21 Exclusion of large debt securities issuer from definition of "UK-traded third country company"

(1) A large debt securities issuer is excluded from the definition of "UK-traded third country company" for the purposes of Part 42 of the Act.

(2) In paragraph (1) "large debt securities issuer" means a body corporate whose only issued transferable securities admitted to trading on a UK regulated market are debt securities, the denomination per unit of which is not less than -

(a) 50,000 euros or an equivalent amount, in the case of securities admitted to trading on a UK regulated market before 31st December 2010,

(b) 100,000 euros or an equivalent amount, in the case of securities admitted to trading on a UK regulated market on or after 31st December 2010.

(3) In paragraph (2) -

"an equivalent amount" means an amount of a currency other than euros which at the date the security was issued was equivalent to the relevant amount of euros; and

"debt securities" has the same meaning as in Article 2(1)(b) of Directive 2004/109/EC of the European Parliament and of the Council on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/43/EC.

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