(1) Commission Decision (EC) No 2008/961 of 12 December 2008 on the use by third countries’ issuers of securities of certain third country’s national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements is amended as follows.

(2) In Article 1 -

(a) in the first paragraph -

(i) for the words from the beginning to "No 1606/2002:", in the second place where it occurs, substitute "From IP completion day, with regard to annual consolidated financial statements and half-yearly consolidated financial statements, the following standards are to be considered as equivalent to UK-adopted international accounting standards:";

(ii) after point (c) insert -

"(d) International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of International Accounting Standards, as it applies in the European Union.";

(b) in the second paragraph, for the words from the beginning to "No 1606/2002:" substitute "From IP completion day, with regard to annual consolidated financial statements and half-yearly consolidated financial statements, the following standards are to be considered as equivalent to UK-adopted international accounting standards:";

(c) omit the paragraph beginning "Third country issuers";

(d) at the end insert -