(1) Schedule 12 to the Companies Act 2006 (arrangements in which registered third country auditors are required to participate) is amended as follows.

(2) In the italic cross-heading above paragraph 1, for "traded non-Community companies" substitute "UK-traded non-EEA companies".

(3) In paragraph 1 -

(a) in sub-paragraph (1)(a) for "third country audit functions" substitute "functions related to the audit of UK-traded non-EEA companies";

(b) omit sub-paragraph (2).

(4) In paragraph 2 -

(a) in sub-paragraph (1)(a) for "third country audit functions" substitute "functions related to the audit of UK-traded non-EEA companies";

(b) in sub-paragraph (2), omit the definition of "third country audit function".