Regulation 5.

1. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 [S.I. 2008/1911; relevant amending instruments are S.I. 2009/1804, 2011/1043, 2012/1741, 2014/1815 and 2016/575.] are amended in accordance with this Schedule.

2. In regulation 5A, in the modified version of section 384B (LLPs excluded from being treated as micro-entities), in subsection (2)(a), for "398" substitute "399(4)".

3. In regulation 10 -

(a) omit the modified version of section 398 (option to prepare group accounts);

(b) in the modified version of section 399 (duty to prepare group accounts) -

(i) omit subsection (1);

(ii) in subsection (2), for the first occurrence of "the LLP" substitute "an LLP";

(iii) after subsection (2) insert -

"(2A) An LLP is exempt from the requirement to prepare group accounts if -

(a) at the end of the financial year, the LLP is subject to the small LLPs regime, and

(b) is not a member of a group which, at any time during the financial year, has an undertaking falling within subsection (2B) as a member.