Companies Act 2014
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Audit exemption not available where company or subsidiary undertaking falls within a certain category | ||
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362. (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 company falling within any provision (in so far as applicable to a private company limited by shares) of Schedule 5 , other than a company referred to in paragraph 5 or 16 of that Schedule, or if it is a relevant securitisation company. | ||
(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— | ||
(a) the holding company is a company falling within any provision (in so far as applicable to a private company limited by shares) of Schedule 5 , other than a company referred to in paragraph 5 or 16 of that Schedule, or if it is a relevant securitisation company, or | ||
(b) any of those other members is— | ||
(i) a credit institution, | ||
(ii) an insurance undertaking, | ||
(iii) a company falling within any provision of Schedule 5 , other than a company referred to in paragraph 5 or 16 of that Schedule, | ||
(iv) a relevant securitisation company, or | ||
(v) a body any of the securities of which are admitted to trading on a regulated market. | ||
(3) In this section “relevant securitisation company” means— | ||
(a) a qualifying company within the meaning of section 110 of the Taxes Consolidation Act 1997 ; or | ||
(b) a financial vehicle corporation (“FVC”) within the meaning of— | ||
(i) in the period before 1 January 2015, Article 1(1) of Regulation (EC) No. 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions; or | ||
(ii) subject to subsection (4), in the period on or after 1 January 2015, Article 1(1) of Regulation (EU) No. 1075/2013 of the European Central Bank of 18 October 2013 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (recast). | ||
(4) If a Regulation is made by the European Central Bank concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions that— | ||
(a) contains a different definition of financial vehicle corporation (“FVC”) from that referred to in subparagraph (ii) of subsection (3)(b), the reference in that provision to that definition shall be read as a reference to the definition contained in the Regulation so made, or | ||
(b) amends the definition so referred to, the reference in that provision to that definition shall be read as a reference to that definition as it stands so amended. |