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Amendment of section 900 of Principal Act
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17. Section 900 of the Principal Act is amended—
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(a) in subsection (1)—
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(i) by the substitution of the following definition for the definition of “recognised accountancy body”:
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“ ‘recognised accountancy body’ means a body of accountants recognised under section 930 for the purposes of the relevant provisions;”,
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and
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(ii) by the insertion of the following definitions:
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“ ‘applicable provisions’, in relation to a Part 27 function and a recognised accountancy body, means, in addition to the provision of this Act that confers that function—
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(a) any other provisions of this Act or of a statutory instrument made under this Act,
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(b) the provisions of any section 931 notice given to the body that are relevant to that function,
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(c) the provisions of Regulation (EU) No 537/2014 that are relevant to that function, and
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(d) the provisions of any rule, guideline, term or condition, relevant obligation, or direction, referred to in section 906 that are relevant to that function,
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in accordance with which that function shall be performed by that body;
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‘Audit Directive’ has the meaning assigned to it by Part 27;
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‘court’ means the High Court;
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‘firm’ has the meaning assigned to it by Part 27;
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‘monetary sanction’—
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(a) in relation to a specified person who falls within paragraph (a) of the definition of ‘specified person’, means the monetary sanction referred to in section 934(8), and
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(b) in relation to a specified person who falls within paragraph (b) of the definition of ‘specified person’, means the monetary sanction referred to in section 934C(2)(g);
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‘Part 27 function’ means a function conferred on a recognised accountancy body by a provision of Part 27 or of Schedule 19 or 20;
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‘public notice of relevant sanction imposed’, in relation to a specified person, means the publication in accordance with section 934F(1) of the specified person’s particulars referred to in that section together with the other related particulars referred to in that section;
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‘Regulation (EU) No 537/2014’ has the meaning assigned to it by Part 27;
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‘relevant body’ has the meaning assigned to it by section 933(1);
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‘relevant contravention’ means—
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(a) a breach of the standards of a prescribed accountancy body by a member of that body, or
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(b) a contravention by a statutory auditor of a provision of—
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(i) section 336 or 337,
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(ii) Part 27, or
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(iii) Regulation (EU) No 537/2014;
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‘relevant decision’, in relation to a specified person, means—
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(a) a decision under section 934(8) or (9) that a specified person has committed a relevant contravention,
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(b) if, in consequence of a decision referred to in paragraph (a), the Supervisory Authority decides under section 934(8) or (9) to impose a relevant sanction on the specified person, the decision to impose that sanction, or
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(c) both such decisions;
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‘relevant director’ means a director or former director of a public-interest entity;
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‘relevant provisions’ means the provisions of—
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(a) this Chapter,
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(b) Part 27, and
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(c) Regulation (EU) No 537/2014;
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‘relevant sanction’—
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(a) in relation to a specified person who falls within paragraph (a) of the definition of ‘specified person’, means a sanction referred to in section 934(8), and
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(b) in relation to a specified person who falls within paragraph (b) of the definition of ‘specified person’, means a sanction referred to in section 934C(2);
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‘section 931 notice’ shall be read in accordance with section 931(2);
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‘section 933A agreement’ shall be read in accordance with section 933A(2);
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‘section 934E agreement’ shall be read in accordance with section 934E(1);
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‘specified person’, in relation to a relevant contravention, means—
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(a) if the relevant contravention falls within paragraph (a) of the definition of ‘relevant contravention’, the member or former member concerned of the prescribed accountancy body, and
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(b) if the relevant contravention falls within paragraph (b) of the definition of ‘relevant contravention’, the statutory auditor or former statutory auditor concerned;”,
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and
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(b) by the deletion of subsection (3).
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