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Amendment of section 362 of Principal Act
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59. Section 362 of the Principal Act is amended—
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(a) by the substitution of the following subsection for subsection (1):
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“(1) Notwithstanding that section 358 is complied with, a company is not entitled to the audit exemption referred to in that section if the company is a relevant securitisation company.”,
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and
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(b) by the substitution of the following subsection for subsection (2):
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“(2) Notwithstanding that section 359 is complied with, a holding company and the other members of the group are not entitled to the audit exemption referred to in that section if—
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(a) the holding company is a relevant securitisation company, or
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(b) any of those other members is a relevant securitisation company.”.
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